By Alexander Pracht
The Yerevan authorities have awarded the long-awaited completion of the city’s iconic Cascade complex to local developer GTB, City Hall told CivilNet Monday. The winning bid includes a substantial $52 million investment, set to finally realize architect Alexander Tamanyan’s vision after decades of the landmark remaining unfinished.
In 2023, GTB made headlines for its attempted construction of a metallurgical plant in Yeraskh, a village in the Ararat region near the border with Azerbaijan’s Nakhichevan exclave. However, repeated Azerbaijani gunfire put the project at risk, ultimately forcing its relocation further from the border.
Sona Tevanyan, advisor to the Mayor of Yerevan, stated that once construction is completed, the new section will link the existing part of the Cascade with the observation deck above it, filling in the decades-abandoned gap between the two.
Who is behind GTB?
GTB Holdings is co-owned by Indian American Bobby Kang and Nono Sargsyan, the niece of former Prime Minister Vazgen Sargsyan, a renowned general of the First Nagorno-Karabakh War who was killed during the October 27, 1999 shooting in the Armenian parliament.
The holding includes GTB Steel, which collaborates with the aforementioned metallurgical plant, and GTB Construction, known for developing numerous residential complexes in Yerevan. GTB Construction’s presence is particularly visible across the city, with its billboards displayed prominently.
What is the Cascade?
The Cascade is a massive terraced architectural complex in Yerevan, envisioned by architect Alexander Tamanyan in the 1920s as part of his master plan to connect the city central with the higher-elevated district to the north. Construction began in the 1970s under the leadership of architect Jim Torosyan, featuring a grand staircase, fountains, and green spaces. An interior escalator allows visitors to ascend the structure, while the Cafesjian Center for the Arts, housed within, showcases contemporary art exhibitions.
At the top of the hill is now a large observation deck featuring the Revived Armenia obelisk, originally erected in 1967 to commemorate the 50th anniversary of the Soviet Revolution. Today, this unfinished area between the deck and the steps is an abandoned, littered space, with only the original construction piles left behind. For decades, various plans to bridge the gap and fully complete the Cascade never materialized.
The reconstruction will follow designs created by French company Wilmotte & Associates Architects, with urban planning documents expected by the end of this year. Mayor Tigran Avinyan announced that the agreement includes allocating adjacent land to the investor for additional development purposes.
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