YEREVAN, APRIL 7, ARMENPRESS. The Revival youth housing complex, which is under development in the area adjacent to Monte Melkonyan Street in Yerevan, aspires to become a public housing project of unprecedented massive social significance in the history of independent Armenia.

President of Armenia Serzh Sargsyan was briefed on the project – the housing complex project which will include 1080 apartments.

Arsen Karamyan, deputy minister of sports and youth affairs, told reporters that this project is one of the components of the action plan of the 2040 demographic security as outlined by the President.

“In the area adjacent to the street bearing the name of a national hero, not far away from Tsitsernakaberd [genocide memorial], a housing project will be built where young families will live, where the cries of babies will be heard. This is what Revival is,” Karamyan said.

Karamyan also serves as president of the YSU Graduates Union NGO.

The deputy minister says the project will be a significant event for a small country like Armenia.

“Construction of this scale in Yerevan wasn’t even carried out during Soviet times”, he said.

Construction will kick off May 2018 and is expected to be completed in September of 2021.

The total land area comprises 6,57 hectares. Prices for one square meter of the apartments will range from roughly 560$ to 616$ - depending on partial or full renovation.

Six 14-storey dual-entrance and four 14-storey single-entrance apartment buildings will be constructed.

A 23-storey “Revival” complex will also be built, featuring a cinema hall, trading facilities on 8 floors. The remaining floors will be used for apartments.

The complex will include underground parking lots, a children’s playground, a sports center, a kindergarten and a leisure zone.

The expected loan portfolio volume for beneficiaries of the projects is 20 billion drams. The preferred conditions of the loan is – up to 20% pre-payment, up to 20 years repayment term, up to 8 % interest rate, currency – AMD.

The total value of the project is nearly 52 billion drams (nearly 110,000,000 dollars).

1250 jobs are expected to be created during the construction.

English –translator/editor: Stepan Kocharyan