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Mayor of Yerevan Tigran Avinyan briefed Cabinet members on Thursday on a major urban development project aimed at transforming the Noragyugh district into an international business and residential area.
He said that 155 buildings for around 65,000 residents are planned on an area of 83.9 hectares.
The area will feature vast green spaces and is expected to significantly unload central Yerevan and ease traffic.
“The district currently faces many problems, such as sewage issues, narrow roads, and others, and the residents themselves had previously suggested that City Hall consider a development project,” Avinyan said.
He noted that residents will be provided compensation based on the market value of their apartments, plus an additional 30 percent.
“In this section, we will gain a new, beautiful neighborhood, which will allow the city of Yerevan to address several important issues,” he emphasized.
According to Avinyan, the financial resources generated by the project are also planned to be used for a number of other major initiatives. In particular, these include the creation of approximately 250 hectares of forested areas adjacent to the Dalma gardens, the cleaning of Yerevan Lake, and the complete renovation of infrastructure.
“At different times, there have been attempts to implement such a project. As far back as the first half of the 20th century, there were plans that followed the same logic, but they were never realized,” Avinyan said.
According to the bill on approving the project, the development project—a multifunctional center in the district of Noragyugh—will feature the Yerevan Downtown International Business Center, housing banks, offices, and hotels; an international cultural center; office premises for international organizations and diplomatic representations; parks and leisure areas; residential buildings; schools; kindergartens; social infrastructure; and separate residential districts for diplomats.
The Cabinet approved the project.