Reconstruction of Cascade cultural hub in Yerevan estimated to cost approximately $70 million, according to mayor
YEREVAN, December 8. /ARKA/. The reconstruction of the Cascade cultural hub in Yerevan is estimated to cost approximately $70 million, announced Yerevan Mayor Tigran Avinyan.
"A very important agreement has been signed, which has gone through very difficult stages, and this resolves a problem that has lasted for decades. Not only is the urban development issue being resolved, but also vital infrastructure is being created for the city. The city will receive a beautiful concert hall with over 1,000 seats, new museum spaces for contemporary art, and various public spaces that will belong to the city," Avinyan noted at a working meeting on Monday.
Advisor to the Mayor Sona Tevanyan reported that an agreement was recently signed with a partner investor for the implementation of the Cascade cultural hub project, which will govern the legal relations between the parties to continue the process.
"The program also includes the improvement of the adjacent community land and its eventual transformation into a city park, which is part of the investment proposal," she said.
According to the advisor, the entire program will provide road junctions and access to the newly constructed cultural hub, the neighborhood, and the city park.
"The program will be implemented over five years. It is planned to fully construct the cultural hub and transfer it to the community as property for operation by the investor," Tevanyan noted.
Yerevan Mayor Tigran Avinyan recently announced the actual start of the program to complete (reconstruct) the Cascade architectural complex.
In October 2025, the Armenian government approved the investment program of GTB Development, which won the tender for the completion of the Cascade. The company plans to invest 20 billion drams in the project and pay the Yerevan Municipality an additional 10.5 billion drams for the land. The design was developed by the French architect Jean-Michel Wilmotte's firm Willmotte and Associes, based on an original design by architect Jim Torossian (dating from the late 1970s).
The project will include a 1,000-seat concert hall, a contemporary art museum, a ceremony hall, and a 30,000-square-meter cultural and leisure area. A multifunctional complex is planned for the adjacent 4.6-hectare site.-0-
