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Business-Center Construction On Basis of Central Dept Store Frozen

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  • Business-Center Construction On Basis of Central Dept Store Frozen

    CONSTRUCTION OF BUSINESS-CENTER ON BASIS OF CENTRAL DEPARTMENT STORE
    FROZEN


    YEREVAN, MARCH 1. ARMINFO. Construction of a business-center on the
    basis of the Central Department Store privatized several years ago in
    Yerevan has been frozen. Russian businessman, the owner of the company
    "Accord- Armenia" which privatized the CDS, Ara Abrahamyan tells
    journalists today.

    He refused to mention the reason of freezing of the construction,
    adding that it was not connected with financial problems. "We have
    funds and construction companies, but we cannot build. It is a
    separate issue which I do no want to speak about," he said.

    It should be noted that construction of the business-center embracing
    40,000 sq.m was planned under implementation of the program "Northern
    Avenue" and was to be completed by the end of 2002. $5 million were to
    be invested in the construction. The company "Accord-Armenia"
    purchased the CDS in September 2001 for $900.000.
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