I Know the Appetite is Very Large: Avinyan on the Reconstruction of Cascade

Recently, there has been a significant step forward in the processes related to the reconstruction of the unfinished section of the Cascade complex, which is a very important and practical milestone. This was mentioned during the regular operational meeting of the Yerevan City Hall.

"This is the signing of a contract with an investor partner aimed at the reconstruction of the unfinished section of the Cascade complex and the implementation of the Cascade cultural center project, based on which the legal relationships of the parties will be regulated and through which our entire ongoing process will be carried out. Next, it is also planned to sign the contract for the purchase and sale of the land plot located in the adjacent area. This is a component of the project implementation that has allowed us to attract an investor company in accordance with the competition conditions. The logic and regulations of these two contracts are such that construction works in both sections must take place simultaneously in order to ensure the unity and simultaneous implementation of the entire urban planning process.

This program also includes the initiative to improve the community land located in the adjacent area and to form it as a city park, which is part of the significant contribution proposal and as a result of the entire project implementation will also include connections, entrances, and exits to the newly constructed cultural center, neighborhood, and city park. The expected duration for the implementation of the project is five years from the date of obtaining the construction permit," said a city hall employee.

Mayor Tigran Avinyan also noted, "Indeed, we have signed a very important contract that solves a very complex process and addresses decades-long issues. We are not only solving urban planning issues but also creating very important infrastructure for the city. The city will receive a beautiful concert hall with over 1,000 seats, spaces for a modern art museum, and various new public spaces that are undoubtedly not just for the city hall but for the city itself.

I know that the appetite is very large, but I must remind you that we have a certain contractual financial logic regarding how much money will be spent on the cultural center. I urge you to try to stay within the approximately $70 million framework and not exceed it significantly. From an initial $50 million, we have already increased it to around $70 million, so I hope we can stay within that range to move forward quickly while also obtaining quality infrastructure."