FIRST SECTION OF NORTHERN AVENUE OPENS

Noyan Tapan
May 30 2006

YEREVAN, MAY 30, NOYAN TAPAN. "After completion of Northern Avenue
we'll have the most modern district of Yerevan," Mayor of Yerevan
Ervand Zakharian stated during the opening ceremony of Northern
Avenue's first section on May 29.

In his words, Northern Avenue designed for pedestrain traffic combines
the best ideas that the great architect Alezander Tamanian had 50
years ago and the requirements of modern urban development. Northern
Avenue that occupies a 8-ha area and is 450 meters in length links
Freedom Square (designed by A.

Tamanian) with its Opera House with Republic Square where the
Governmental buildings are located. Parking lots for a thousand cars
will be built in the underground section of Northern Avenue. There
will be 25-27 building complexes of residential-business type on
Northern Avenue. Former chief architect of Yerevan Narek Sargsian
is the chief architect of the project on construction of Northern
Avenue. Mayor of Yerevan attached importance to the participation
of the Armenian-Russian joint venture North Island in construction
of Northern Avenue. The Russian shareholder of the company is the
Makarius Group. According to Director General of Makarius Group
Gitas Anilionis, many apartments and offices of Northern Avenue's
first section have already been sold. E. Zakharian said that an area
of about 13 thousand sq.m. in two completed buildings of Northern
Avenue has been delivered for operation. Construction of the other
two sections will finish by late 2007. Investments of 200-250 mln
USD will be made in construction of Northern Avenue.