The Armenian government has approved an investment programme to complete the long-stalled redevelopment of Yerevan’s iconic Cascade complex, a project first envisioned by architects Alexander Tamanyan and Jim Torosyan nearly half a century ago.
Under the plan, the company GTB Development will invest over ֏20 billion ($50 million) to finish the massive stairway’s unfinished upper section and surrounding area, which has remained incomplete since the 2008 global financial crisis halted construction. The project was endorsed on Thursday following a presentation by Yerevan Mayor Tigran Avinyan.
‘The Cascade complex will finally receive its complete architectural appearance, creating a visual and functional link between the city centre and the Monument to the 50th Anniversary of the October Revolution’, Avinyan said, adding that the project would ‘realise the ideas of Tamanyan and Torosyan’.
The approved plan includes the construction of a 1,000-seat concert hall, a modern art museum, and ceremonial facilities that will belong to the Yerevan municipality. The area will also feature a 30,000-square-metre cultural and recreational zone. Adjacent to the main site, the investor will be permitted to develop a 4.6-hectare plot into a multi-functional commercial complex.
According to Avinyan, GTB Development offered to pay the city ֏10.45 billion ($27 million) for the land — roughly ֏10 billion ($26 million) above its market value — in addition to covering green-space restoration costs. ‘The investor has proposed terms that not only guarantee the project’s completion but also ensure tangible benefit for the city’, he said. The construction period is expected to last four to five years.
Deputy Prime Minister Tigran Khachatryan noted that the government aimed to ensure the project’s credibility and timely completion. ‘We are speaking of companies capable of handling up to ֏30 billion ($77 million) in potential investment. There are not many such firms in Armenia,’ he said, explaining why the project was awarded to a single developer.
The redevelopment covers around 11 hectares in total. Of that, 4.8 hectares will be sold to the investor for ֏10.5 billion — the plot’s cadastral value — payable in installments. Until full payment, the land will remain mortgaged to the Yerevan municipality. Another 1.8 hectares will be allocated for landscaping.
Prime Minister Nikol Pashinyan said the government’s goal was to balance public and private interests: ‘The city contributes land in exchange for tangible cultural assets — a museum, a concert hall, and urban renewal. The investor, in turn, gains construction rights and the opportunity for profit.’
Avinyan emphasised that strict contractual penalties are foreseen should the developer fail to meet construction or payment obligations. If no progress is made on the central section within nine months, the city can reclaim the site.
He also expressed hope that the long-delayed project will finally transform one of Yerevan’s most recognisable landmarks: ‘The Cascade is so charismatic that many people hardly notice it remains unfinished. Now, we have a real chance to complete it.’
