Plans have been unveiled to resume construction on the tallest twin skyscrapers in the Georgian capital, Tblisi.

Representing an investment of around US$ 83 million, the development was put on hold in 2008, during the country’s war with Russia.

The 147-metre Axis Towers will be jointly owned by the US$ 6 billion private equity fund The Georgian co-Investment Fund (GCF), and Georgian construction firm Axis.

Across a total of 94,000 m2 the two structures will host residential, office, commercial and entertainment spaces, plus a 5-star Pullman hotel.

GCF chief executive George Bachiashvili said, “We are confident that Axis Towers will be an outstanding project in terms of its architecture, scale and quality of construction, incorporating best global industry practices.

“It will set a new standard in real estate not only for Georgia but for the wider Caucasus’ real estate market.”

Prime Minister of Georgia, Mr. Irakli Garibashvili said, “GCF’s involvement made it possible to restart the project in 2015 and, as a result of Axis and GCF’s successful partnership, Tbilisi will acquire a unique multi-functional complex in 2017, which will attract FDIs, create additional revenue for the central budget, support the development of business tourism and create jobs for hundreds of people.”

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