Construction of new business center launched in Yerevan

YEREVAN, November 6. /ARKA/. Kamar Business Center’s foundation stone was laid Thursday in Yerevan.

Artashes Kazakhetsyan, the head of the Property Development Company that is the owner of the building, speaking at the ground-breaking ceremony, said that the building that had been designed in conformity with international innovative construction standards is the first projects of the so-called green business center in Armenia. 

He said that upon completion of the construction, the building will get a BREEAM certificate. BREEAM is the world’s foremost environmental assessment method and rating system for buildings.  

There are two houses on the territory chosen for building the business center. They were built in 1910 and 1926. 

Kazakhetsyan said the front face of Architect Nicholas Buniatyan’s house built in 1926 is preserved, while the 1910 house has been dismantled in order to be restored during the construction. 

The construction is estimated to cost $37 million. For construction of the new building $9 million has been borrowed from the International Finance Corporation, another $9 million has been attracted from DEG, Germany’s Economic Cooperation Agency and the remaining amount will be invested by the Property Development Company.

Arman Barkhudaryan, senior coordinator of IFC Investment Program in Armenia, said the construction of the business center is the Corporation’s first green building project in this region. 

The construction of the complex to be built on 23,000 sq.m. is planned to be completed by November 2016. --0-----