Real Estate
Posted: 1 year ago

Kartu Group's Skyscrappers Project Faces Setback

Kartu Group is planning to undertake a major real estate project in the heart of the city, on Heroes' Square. The project, presented by the "Kostavas 69" company on December 31, 2022, proposes the construction of a multifunctional complex on the site of the old silk factory. The complex would feature two skyscrapers, one of which would be 65 floors tall.

However, the project has been met with public criticism, and the planning assignment has not yet been discussed by the Transport and Urban Agency. The proceedings are currently closed, and the city of Tbilisi has stated that the old project will not be allowed to proceed, and the company will need to submit a new application.

The Tbilisi City Hall has stated that they are currently working on the preparation of a development regulation plan to organize and develop the surrounding area of Laguna Vere. As with all other cases, the City Hall will work with the contractor to identify any defects in the project and have them corrected before the new application is submitted.

This major real estate project has the potential to transform the center of Tbilisi, but it will need to overcome public criticism and ensure that it aligns with the city's development plans before it can proceed.