The Georgian government plans to sell a state-owned plot of land opposite the Black Sea Arena in Shekvetili through a conditional auction, requiring the winning bidder to develop a hostel, apartments and public spaces under a design approved by Starring Georgia.
A decree signed by Prime Minister Irakli Kobakhidze authorizes the National Agency of State Property to privatize the 20,414-square-meter plot through a conditional auction.
Under the terms of the sale, the winning company must, within three years of signing the contract, invest at least GEL 7.9 million to construct a 65-apartment building based on a project approved by Starring Georgia. Each apartment must include a private bathroom and kitchenette. The project must also include six apartments of at least 60 square meters and one apartment of at least 40 square meters, each with a bathroom, kitchenette and reception area.
The building must also feature at least 800 square meters of shared space, including a conference hall for at least 100 people, a cafeteria and a workspace for at least 50 people. Once completed, the building must be renovated within 12 months and transferred to the state free of charge.
The remaining land must be developed within six years of signing the purchase agreement. The project must include a hostel with at least 100 rooms, sports and recreational facilities, food venues with outdoor spaces, a children’s area and a pet-friendly zone. The second phase of the project requires an investment of at least GEL 3 million.
The government says the National Agency of State Property set the starting auction price at GEL 4,902,633, one lari below the independently assessed market value of GEL 4,902,634.
