Area Surrounded with Abovyan and Aram Streets in Yerevan Recognized As Eminent Domain

Area Surrounded with Abovyan and Aram Streets in Yerevan Recognized As Eminent Domain

EcoLur

On 8 June the Armenian Government recognized eminent domain over the area surrounded with Abovyan and Aram Streets in Yerevan City. A multifunctional structure and an underground parking lot will be constructed in this area. The entire area will be improved, while engineering and technical infrastructures will be modernized and inter-neighborhood regulated road network will be established.

The area has been obtained by 'AVO F.M.H.' LLC - 70,000 m2 area subject to site development.
The deadline for this project implementation was set 30 December 2016, nevertheless, the process of property acquisition over several addresses hasn't been accomplished because of court litigations.

The Armenian Government having taken into consideration that the abovementioned court litigations have turned into an obstacle for the implementation of the town development project, reached a decision to recognize eminent domain over these properties to ensure the continuity of the project by recognizing the obtainer of the area 'AVO F.M.H.' LLC - the subject of eminent domain.

18:38 June 13, 2017


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