The FINANCIAL — Iberia, the local construction company, has revealed the winners of the Outer Avlabari project architectural competition. The winner in first place is Zurab Bakradze.
Bakradze claimed he did not expect to gain first place in the contest, though he is delighted with the outcome.
“It is not my first project in this district, as I worked on urban development of Avlabari in 1980, at that period I was working in Tbilkalakproekti. Now I am collaborating with Iberia, but I cannot speak of what will happen in the future. I am pleased that the project seemed interesting to the jury,” said Bakradze.
According to Gocha Mikashvili, Chief Architect of Iberia, this is one of the most important projects as it involves not only the private structure but governmental structure as well: “Today Zurab Bakradze has taken first place. Nearly all projects were interesting, but Bakradze’s project won. The jury were absolutely competent and that was their decision. The choice was made collectively and it is not an expression of subjective opinions. To be especially competent the jury decided to add a special deed and the owner of that special deed became Irakli Meladze.”
On July 29, 2008 during the official evening closure of the contest at the Sheraton Metechi Palace hotel, winners of the architecture competition were awarded by the jury.
The organizer and sponsor of the contest is Iberia Real Estate, which has set a GEL 22,000 prize for the open architectural- city planning project (first prize – GEL 10,000, second prize – GEL 6,000, third prize – GEL 4,000, and the inciting one – GEL 2,000).
8 candidates had equal chances to win the Outer Avlabari contest by Iberia. The project was launched on March 11, 2008. 15 candidates volunteered to take part, though only 8 of them managed to present a project by the deadline of July 14.
The jury consisted of 13 members, including: Mamuka Akhvlediani – Tbilisi Vice-Mayor, Ramaz Mosashvili – the founder of JSC Iberia Real Estate, Nikoloz Vacheishvili – the Minister of Culture, Monuments Protection and Sport of Georgia, Vakhtang Lejava – First Deputy Minister, Ministry of Economic Development, Giga Batiashvili – architect, academician, manager of the Old Tbilisi detailed planning author group, Manuchar Makhtadze – Head of the Urban Planning Service of Tbilisi, Tbilisi Main Architect, Lasha Purtskhvanizde – Head of the Administration of Old Tbilisi.
Avlabari is the old city centre neighbouring the Metekhi Church, Holy Trinity Cathedral and Presidential Palace. The district is well known for its high elevation and amazing views of Tbilisi.
The contest was agreed with the Ministry of Culture, Monuments Protection and Sport of Georgia and the Urban Planning Service of Tbilisi.
“The Georgian government decided to cooperate with private structures. Iberia, a leading constructing company, decided to establish GEL 22 thousand for the winners. The aim of this architectural project is to create a new infrastructure in the Old Tbilisi district especially in Avlabari,” stated Ramaz Mosashvili, General Director of Iberia.
In his words, creating New Avlabari is a long lasting project, as this area is inhabited and requires several million dollars. The space of the reconstructing area consists of 45.5 hectares.
Iberia Real Estate is a leading Georgian real estate development and construction company. The company primarily focuses on premium class residential real estate in upscale neighbourhoods of Tbilisi.
Iberia was established in 1999 and completed its first residential development in October 2002.
Iberia operates through two main divisions: Real Estate Development Division and Construction Division.
Today, Iberia is one of the largest and fastest growing companies operating in the real estate market in Georgia with a solid pipeline of unique interesting projects.
Iberia’s current projects are:
– Apartment Building – Abashidze St. 73. The property is located on Abashidze St. (former Barnovi St.), Tbilisi, Vake district. The building has 10 floors and one entrance. The building also has an attic and underground parking floors. The ground floor will be designated for commercial purposes. The residential building is located 100 meters from “Vake Park”.
– Iberia Hills. The property is located in Bagebi, one of the most prestigious districts in Tbilisi at the beginning of the Tbilisi-Tskneti highway, on a hill slope. The property is based on 5.5 hectares (i.e. 55,000 square meters) land plot.
– Residential house at 13 Radiani St. The property is located in Vake, at 13 Radiani St. (off Abashidze St.). This location is a comfortable, quiet area in an upscale prestigious neighbourhood of Tbilisi, which makes the house very attractive for residents.
– Apartment Building – Kipshidze 7. The property is located in Vake, Tbilisi, on Kipshidze St. It is a residential building with 9 floors and 4 individual entrances. The building has an attic and a basement, also an underground garage.
Accomplished projects of Iberia are:
– Apartment Building – Chavchavadze Ave 33ª
– Apartment Building – Chavchavadze Ave. 37
In January 2008 a famous American investment fund became a shareholder of JSC Iberia Real Estate. The company said it has successfully completed significant capital increase by issuing 11,000 new shares, representing a 40% equity stake in Iberia, to Firebird Aurora Fund, Ltd. (“Firebird Aurora”).
Firebird Aurora is one of several funds managed by Firebird Management LLC or its affiliates (together, “Firebird”), investment advisors that primarily focus on equity investments in the former Soviet Union and emerging Eastern Europe. Firebird seeks out companies with superior management teams in high growth sectors; it manages USD 3.8 billion in assets, including over USD 100 million in Georgia.
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