BAKU, Azerbaijan, Feb. 8
By Tamilla Mammadova – Trend:
Georgian Silk Road Group planned to build "Batumi Riviera" multifunctional complex on 6 hectares of land in Batumi but due to the COVID-19 pandemic, the project has been suspended, Trend reports via Georgian media.
"Due to the pandemic, the "Batumi Riviera" construction has been delayed. The construction work doesn’t start until the situation changes. The construction is expected to continue in early 2022.
"The project remains unchanged at this stage," Director of LTD "Batumi-Riviera" Giorgi Kapanadze said.
The project is implemented with the support of the Georgian Co-Investment Fund. An initial investment for the phase one is $65 million.
Another partner of Silk Road Group is a company named Batumi Yacht Club, which participates in investments for development of Batumi Marina and its management during the consecutive 20-years period. Initial investment into development of Batumi Marina is $3 million divided between the parties on a 50/50 basis.
The development will serve as an attractive seaside link between the historical town center and the port and railway station. The site benefits from its proximity to the popular tourist destinations at the seafront boulevard and the old part of town.
The project will be divided into several stages and was planned to be completed in 5 years, however, as the company says, due to the delay in construction, the completion date may be altered.
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