Billionaire investor Mikhail Khodorkovsky is planning a new development in Tbilisi for $100 million, according to a report in the Georgian publication Agenda.
There are two different projects underway: the East Point Shopping and Entertainment Centre and the establishment of the Tbilisi Garden residential complex.
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Both are being developed by Quadrum Global, a company part owned by Khodorkivsky.
The EastPoint Shopping & Entertainment Center is located on an 18 hectare landsite between the center of the city and Tbilisi international airport. This 650, 000 square foot retail mall will become the first integrated lifestyle shopping and entertainment destination in the Republic of Georgia and will include several big box anchors, a retail village comprised of over 200 shops alongside a 180, 000 square foot leisure and
It has 100 feet of frontage along Kakheti Highway and is only a ten minute drive from the city center of Tiblisi. An estimated 70, 000 cars pass the site every day.
Phase I of the development will encompass 650, 000 square feet which will include a supermarket, the first DIY store in the city, an electronics superstore and a 270, 000 square foot outdoor fashion mall. There will also be more than 2000 parking spaces.
The fashion mall will feature a range of elite fashion boutiques, a comprehensive selection of high street brands, as well as restaurants and cafes.
EastPoint will also have recreational facilities for the whole family including a multiplex cinema, a bowling alley, a children’s education and entertainment center and food outlets. All shops will have front doors on the ground floor.
The Tbilisi Garden residential complex will be a 1.5 million square foot residential area. It is expected to cost $30 million.