Yerevan's Cascade Complex to be Completed: Investment Planned at Approximately 30 Billion AMD
23.10.2025,
14:18
During a meeting on Thursday, the Armenian government sanctioned the investment program of GTB Development, the firm tasked with finalizing the Cascade Complex.
YEREVAN, October 23. /ARКА/. During a meeting on Thursday, the Armenian government sanctioned the investment program of GTB Development, the firm tasked with finalizing the Cascade Complex.
"The Cascade Complex will take its ultimate shape," stated Yerevan Mayor Tigran Avinyan.
He revealed that the initiative will encompass the establishment of a concert hall with a capacity of 1,000 seats, a contemporary art museum, and a ceremonial space. Additionally, a cultural and leisure area spanning 30,000 square meters will be developed.
"On the adjacent 4.6-hectare plot, the company will have the opportunity to construct a multifunctional complex," Avinyan remarked.
He disclosed that the selected company, GTB Development, proposed an investment of 20 billion 46 million drams and also pledged to pay the Yerevan Municipality 10 billion 449 million drams for the land at its cadastral value, along with undertaking landscaping activities.
"This amount is roughly 10 billion drams above the market value of the land," Avinyan noted.
He emphasized that a sanctions plan is established should the company default on its construction and payment commitments.
About the Cascade
The construction of the upper section of the Cascade architectural complex, one of Yerevan's cherished landmarks, has remained incomplete since the Soviet era.
In early March 2024, it was announced that this approximately 11.5-hectare area had been handed over to the Yerevan community's control. In April, the Cafesjian Museum Foundation contributed another land parcel in this vicinity to Yerevan, covering 0.5105 hectares (with the stipulation that the Cascade staircase be completed. ($1 - 382.51 drams).-0-
"The Cascade Complex will take its ultimate shape," stated Yerevan Mayor Tigran Avinyan.
He revealed that the initiative will encompass the establishment of a concert hall with a capacity of 1,000 seats, a contemporary art museum, and a ceremonial space. Additionally, a cultural and leisure area spanning 30,000 square meters will be developed.
"On the adjacent 4.6-hectare plot, the company will have the opportunity to construct a multifunctional complex," Avinyan remarked.
He disclosed that the selected company, GTB Development, proposed an investment of 20 billion 46 million drams and also pledged to pay the Yerevan Municipality 10 billion 449 million drams for the land at its cadastral value, along with undertaking landscaping activities.
"This amount is roughly 10 billion drams above the market value of the land," Avinyan noted.
He emphasized that a sanctions plan is established should the company default on its construction and payment commitments.
About the Cascade
The construction of the upper section of the Cascade architectural complex, one of Yerevan's cherished landmarks, has remained incomplete since the Soviet era.
In early March 2024, it was announced that this approximately 11.5-hectare area had been handed over to the Yerevan community's control. In April, the Cafesjian Museum Foundation contributed another land parcel in this vicinity to Yerevan, covering 0.5105 hectares (with the stipulation that the Cascade staircase be completed. ($1 - 382.51 drams).-0-
