According to Giorgi Kapanadze, director of business development at “Silk Development,” construction has already commenced on the “Telegraph” hotel, a 240-room project. Kapanadze, while visiting the “Real Estate Prospect” program, revealed that the hotel is slated for completion next year, with a total investment of $70 million.
“Silk Development” has outlined plans to undertake several projects throughout Georgia in the coming years. One of their notable endeavors is the “Silk Towers” project in Batumi, which encompasses the construction of five towers, a two-hectare parking area, and a one-hectare yacht club.
Kapanadze emphasized their commitment to ensuring their projects harmonize with their surroundings and environment. They have demonstrated this approach in their Green Cape project, where no trees were cut down, reflecting their dedication to preserving greenery.
Aside from the “Botaniko” project and the proposed “Silk Towers” in Adjara, “Silk Development” has a variety of assets earmarked for development. They firmly believe that real estate development is a promising and vital avenue for economic growth and tourism in Georgia.
Kapanadze mentioned that some of the forthcoming projects will be located in Batumi, while others will be situated in different regions of Adjara. Furthermore, they possess six plots of land in Mtsvane Kontskhi, where development plans were agreed upon as early as 2017. Some of the structures in this area are cultural heritage sites requiring restoration, while other vacant lots will be developed from the ground up.
The history of “Silk Development” traces back to 2000, although their group initially focused on the Horeca sector, encompassing restaurants and hotels. Their foray into the residential market began with the “Botaniko” project, and they are actively considering further expansion in this direction.