YEREVAN’S NORTH AVENUE TO OPERATE AT DESIGND CAPACITY IN 2010

ARKA
May 21, 2008

YEREVAN, May 21. /ARKA/. North Avenue is Yerevan is to start operating
at designed capacity in 2010, said the Professor of Architecture
Narek Sargsyan.

The construction of the avenue got under way in autumn 2001, and
the first section was put into service in May 2006. The master plan
provides for the construction of elite housing, offices and shops. A
total of $200-$250mln are to be invested in the project.

"We will launch the second stage of the project in two months, and
the construction of North Avenue will be completed in two years,"
N. Sargsyan told reporters.

He reported that the second stage of the project provides for the
construction of three hotels – a three-, four- and five-star hotels,
which will represent well-known French hotels. Fountains and sculptures
will also be set up in the avenue.

"We also have to implement a large-scale planting program,"
N. Sargsyan said.

The architect added that lighting will be installed along the full
length of North Avenue in two years.

A total of 371.2mln AMD or $1.2mln were allocated from Armenia’s
state budget for the construction of North Avenue of Yerevan in
January-September 2007. Private investment totaled 8.1bln AMD or
$26.3mln.