The government recognized the surrounding areas of the Cascade cultural hub project as a priority interest. the project was included in the agenda of the session of today, April 23, in the package of non-reportable issues.

«23.10.2025 of the Government of the Republic of Armenia “On approving the investment plan, giving consent and authorizing the granting of a plot of land with the right of development to JTB DEVELOPMENT SP without a tender and the expropriation of a plot of land in the form of direct sale” no. By Decision 1499-A (hereinafter: Decision), the RA Government approved the investment program of the “Cascade Cultural Hub” architectural project, which essentially consists of two components

By the above-mentioned decision, the mayor of Yerevan was authorized on behalf of the Republic of Armenia with “GTB DEVELOPMENT” JSC. to seal the land in the city of Yerevan with a plot of land intended for zone B2 from the northern part, a plot of land stretching from the western part to the steps of the Cascade complex, from the southern part by a road and from the eastern side later as a plot subject to urban greening, in an area of about 1.8 ha, in accordance with Part 3 of Article 7 of Annex No. intended to be an agreement defining the rights, duties and responsibilities of the state and the acquirer during the process of expropriation of property.

The contract was signed on March 18, 2026,” says the justification of the project.

The author of the project is the Ministry of Territorial Administration and Infrastructures.

And “GTB DEVELOPMENT” LLC, implementing the project, will invest 20 billion 46 million drams for the project, it was also said that in parallel with the reconstruction works of the “Cascade” complex, the investing company will be given the opportunity to build a multi-functional complex on the right side of “Cascade”, the project of which will be drawn up and architectural solutions will be provided by Jean-Michel Wilmot, the complex and “Cascade” taking into account the need to ensure harmony between the existing and reconstructed sections and the existing environment.

The entire project is expected to be completed in five years. The justification also clarifies that the adoption of the decision does not impose an additional financial burden on the state or municipal budgets. all expenses will be realized at the expense of private investments.

“GTB Development” LLC was founded in 2024․ on October 24․ the real main beneficiary is Grigor Ter-Ghazaryan with 97.5 percent (1 percent participation by Indian citizen Sulakhan Singh, 1.5 percent by American citizen Bobby Singh Kang). Ter-Ghazaryan is the son-in-law of Armen Sargsyan, the brother of the leader of the Republic Party Aram Sargsyan. Aram Sargsyan is one of the supporters of Nikol Pashinyan, and the “Republic” party is represented in the Yerevan Council of Elders.

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