City Development, a company owned by businessman Mindia Sabanadze, plans to construct two 30-story skyscrapers on Chavchavadze Avenue in Tbilisi.
The company has already submitted an application for the development of a zoning plan, according to which the territory will consist of one main and four smaller plots covering an area of 9,290 square meters.
"The territory will accommodate one multifunctional building (74% residential area; 26% office, retail, and non-residential spaces), with a maximum above-ground height of 30 floors and an underground height of 1-2 floors," the explanatory note states.
100% of the shares in LLC "City Development" belong to LLC "IG Property," the Chairman of the Supervisory Board is Mindia Sabanadze.
FYI, City Development acquired property from the National Agency of State Property for 3,005,000 million GEL this year. However, privatization conditions brought the total privatization cost to 36 million GEL.
