he area adjacent to Amiryan Street and Buzand Street in downtown Yerevan, where the State Institute of Cinema and Theater is located, will be sold to GM Development, a private company, which will build an apartment block there.
The matter was discussed today at the Cabinet meeting. Narek Sargsyan, chairman of the state committee of urban development, said the previous contractor had gone bankrupt, and now a new contractor has come forward, in person of the abovementioned company.
“The company will resolve the problems with the residents, and it has also assumed the construction of a new street linking Amiryan Street with Buzand Street, and the construction of the Sos Sargsyan Theater. The project will be carried out by two phases, and the total worth of the investment program is 15 million dollars”, Sargsyan said.