The First 'Green' Business Center Construction Launches in Yerevan

The First 'Green' Business Center Construction Launches in Yerevan

Property Development Company CJSC announced the launch of the construction of "Kamar" multifunctional business center in Yerevan by laying its foundation stone on November 6. The business center, designed in accordance with the most advanced international technologies, will be the first in Armenia to be certified by BREEAM (Building Research Establishment Environmental Assessment Method), a global leader in the design and assessment of sustainable buildings based in the UK. The development of the unique "A" Class office building will comply with the modern energy efficiency and environmental standards, thus considerably elevating the overall standards of the commercial real estate in the country.

Property Development Company CJSC, the owner of the building, has approached to the project with ultimate responsibility and care, highly prioritizing the buildings in this historical area. For several years before the start of construction works, the company has been organizing various public discussions with experts and beneficiaries to identify the most appropriate solutions and to insure high level of transparency throughout the entire process.

The initiative started at least 5 years ago. Right at the beginning of the project the company organized an open architectural contest for the development of the concept by involving the best and most recognized engineers and architects from various countries. Committed to preserving the values of Armenian history, they have stored every single stone from the old building. Company further developed an architectural and engineering solution that highlights the historical importance and overall design of this part of the city. The main problem is that the complex should combine innovative solutions with the old constructions.

The total value of the project is about US$ 37 million. IFC, a member of the World Bank Group, will provide a US$ 9 million loan and secure another US$ 9 million loan from DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH). The rest of the investment will be provided by Property Development Company CJSC.