Real estate developer Deluxe Property has offered Tbilisi City Hall GEL 31.7 million in exchange for an increase in the construction coefficient (K2) for a 6,887-square-metre plot on Chavchavadze Avenue in Vake, formerly occupied by the Yunona Medical Centre.
The company currently holds a K2 coefficient of 3.5, allowing it to construct a 22-storey building on the site. Under its new application, it is seeking an increase to 6.1, which would enable the construction of a 40-storey building with a total height of 131.9 metres.
In exchange for the additional development rights, allowing 18 extra floors, the developer is offering to pay the municipality GEL 31.7 million. According to the explanatory note submitted with the application, the increased coefficient would allow the company to develop an additional 17,906 square metres of floor space.
According to the Business Registry, Deluxe Property is owned by Capital Hall LLC, whose shareholders are businessmen Gigi Gotsiridze, with a 91% stake, and Elguja Keburia, with a 9% stake.
