Who Will Implement the Reconstruction of the Cascade: Hetq

The Cascade complex's reconstruction competition has been won by the company "GTB Development LLC," which is part of a consortium of four companies. This information is reported by Hetq.

"GTB Development LLC" was established on October 24, 2024. The actual beneficiary is Grigor Ter-Ghazaryan, who is the son-in-law of Armen Sarkisyan, brother of the leader of the "Republic" party, Aram Sarkisyan. Aram Sarkisyan is a supporter of Prime Minister Nikol Pashinyan, and the "Republic" party has representation in the Yerevan City Council.

Grigor Ter-Ghazaryan holds a 97.5% stake in "GTB Development LLC"; Indian national Sulakhan Singh holds 1%, and American citizen Bobby Sing Kang holds 1.5%. Ter-Ghazaryan is involved in several other businesses but came to public attention due to a metallurgical plant being built in Yeraskh. It is worth noting that he holds a 50% stake in "GTB Steel LLC," which is constructing the plant. The remaining 50% of the shares belong to the aforementioned Bobby Sing Kang.

During a procedural meeting held today at the Yerevan City Hall, it was announced that an investment of 20 billion 46 million drams would be made for the implementation of the architectural project "Cascade Cultural Hub." An open competition for the granting of rights has taken place. The program envisions the construction of the unfinished part of the "Cascade" complex, ensuring the complete, finished appearance of the cultural monument and the connection of the complex with the 50th-anniversary monument of Victory. The work will be conducted based on sketches and subsequent projects presented by the renowned French architect Jean-Michel Wilmotte.

Approximately 1,000-seat concert halls, a new contemporary art museum, studios, and recreational areas will be created. All constructed buildings will be equipped with the necessary technical means and infrastructures and will be handed over to the community as communal property upon completion of the project.

Alongside the reconstruction work of the "Cascade" complex, the investing company will have the opportunity to construct a multifunctional complex on the right side of "Cascade," with plans and architectural solutions provided by Jean-Michel Wilmotte, considering the need to harmonize the existing and reconstructed parts of the complex with the surrounding environment. The entire project is expected to be completed within five years.