Kamar business center construction launches in Yerevan

PanARMENIAN.Net - 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, a global leader in the design and assessment of sustainable buildings. 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.

Artashes Kazakhetyan, CEO of Property Development Company, said: “The initiative started at least 5 years ago. All these years, we have been studying these historical buildings in detail to come up with the best ways of preserving them. 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 our history, we have stored every single stone from the old building. We 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. Finally, we want to make sure that this building complies with the best international standards of energy efficient and green business center construction.”

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

Arman Barkhudaryan, IFC Senior Investment Officer said: “Modern office buildings help spur economic activity and improve the efficiency of local suppliers, many of which are micro, small, and medium enterprises. Strengthening Armenia’s business infrastructure and promoting green technologies will also provide an important model for future energy-efficient building projects, while helping contribute to long-term growth.”

Yerevan's chief architect Tigran Barseghyan expressed hope for the construction to be completed in accordance with the schedule. “In 2 years, the Armenian capital will get a model building to serve as an example in implementation of other projects involving construction in the city center.”