Tbilisi TV Tower to be Handed Over to Investor for 28 Years after Modernization
The Tbilisi tower modernization project is economically viable and will take 3 years to implement. This statement was made by the head of the property management service of Tbilisi City Hall after the government session.
The head of the property management service of the Tbilisi City Hall states that the investor has already submitted a vision for the development of the tower to the City Hall. According to Irakli Tavartkiladze, this proposal is under discussion at this stage.
"Within the framework of the proposal, the main conditions set out in the agreement remain unchanged, therefore, we will make a decision on moving to the next stages. The next stage will be first the detailed design, then the building permit and construction. All these processes take about 3-3.5 years.
Given that the basic terms of the contract do not change and the feasibility study carried out by the company has confirmed that in this case, the project is economically and technically feasible, we do not think any problems may arise on our part with this project anyway. Of course, the readiness of the company is important, which, as we see, the company has at this stage, "said Irakli Tavartkiladze, head of the Tbilisi City Hall Property Management Service.
City Hall does not rule out that the investment value, which KASS GROUP is obliged to implement, will increase due to the scale of the project. The information is also confirmed by KASS GROUP, which says that according to the preliminary results of the feasibility study, the investment committee of 4 million dollars may even double.
Ekaterine Tordia, the director of the company, says that despite the high cost of the project, they are ready to move the project to the next phase because she says that their group believes that the Tbilisi TV tower will become a new center for tourist attraction.
"The investment value is much higher than the investment obligation declared in the expression of interests. However, we can not name the exact amount of money and how much investment we will be talking about today. This will be revealed only after a detailed design. However, the investment cost has doubled, if not more. We have announced our readiness to move to the next stage, which involves the detailed design, which is being worked on in the contract, "- said Eka Tordia, Director of KASS GROUP.
For reference, Kakha Kaladze announced the modernization of the historical tower of Tbilisi in 2018. The development concept was also prepared, however, the business attention was only drawn to the project in 2021. It seems that for 3 years the private sector was not fascinated by the idea of renovating the tower. With the expression of interest announced in 2021, a company was selected to load the Tbilisi tower as a tourist attraction. The company KASS GROUP is committed to investing $ 4 million on the ground. After that, the tourist infrastructure of KASS GROUP on the Tbilisi tower will be handed over to 28-year management.