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Colliers is working on the development of the economic concept of the artificial island in Batumi

Colliers is working on the development of the economic concept of the artificial island in Batumi

Colliers is working on the development of the economic concept of the artificial island in Batumi

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In the process of creating an economic concept for development, Ambassadori Batumi Island cooperates with Colliers, a global leader in real estate services and investment services. We talked to the partner of Colliers Georgia Levan Gvaramadze about this topic.

Could you give us more information on the collaboration between Colliers and the Ambassadori Group?  Can you tell us about the scope of the market research Colliers is conducting for the artificial island project in Batumi? Specifically, to what extent is Colliers involved in the study and development of the artificial island project in Batumi? Are foreign specialists also involved in the study, or is it conducted only at the local Colliers office?

Colliers began cooperation with the Ambassadori Group at the beginning of summer 2022, where we became involved as economic advisors and development consultants. Colliers is represented in this project by the development consulting teams of Colliers UK and Colliers Georgia. More specifically, Colliers is working on developing an economic concept for an artificial island in Batumi and justifying the market and financial feasibility of the project, together with teams of international urban planners and engineers.

The Ambassadori Group has reportedly invited a constellation of highly-regarded engineers, architects, and development planners to participate in the project, with the goal of ensuring its international level of quality. Can you tell us about any direct contact Colliers has had with these companies and what kind of collaboration you have with the project contractors?

Within the framework of this project, we are actively working with the international masterplanner company – ARUP, which works on the urban planning concept, and with the engineering company Yuksel Proje, focusIng on engineering technical solutions. We work together to create a project that is efficient both economically and urban planning wise. Colliers prepares a demand forecast and a functional development program based on market research and international experience, which then is translated into technical solutions by engineers and master planners. In addition, as you know, the architectural company SHOP Architects is working on one of the large development areas of the project, in this case we coordinated their developed project solutions with the forecast of the proposed demand. The work is still in progress.

We understand that individual details of the project may still be confidential, but could you share with us the details of what is planned to be developed on the island?

What can be shared at this stage is that we are talking about creating a new multi-functional attraction center in Batumi on an area of ​​76 ha, which will feature large-scale recreational spaces, accommodation of various sizes and classes, clusters of food establishments, exclusive entertainment and leisure spaces, convention spaces, premium Villas, high class shopping and business centers, a large Yacht club and berth, water park, social infrastructure, including educational and health facilities. According to forecast indicators, land creation process will need 3-4 years, and the phased development of the project will take 15-20 years.

What can you tell us about the Batumi Artificial Island concept in general? What makes it unique and how do you see it influencing the future of Batumi? What benefits do you anticipate the project will bring to Georgia?

The artificial island is the first project in the region, which has already attracted great interest. As you know, the supply of land in the vicinity of the sea coast in Batumi is quite scarce, and the mentioned project opens up new opportunities both from the point of view of development and investment, as well as from the point of view of tourism. The land supply created by the Ambassadori Batumi Island project is expected to attract additional new major investors. Development activity will further increase interest in Batumi as a tourist and business destination, which is expected to translate into more tourists, more transactions and business activity, and generally increased spending power of tourists and visitors.

The development of artificial islands typically leads to the growth of surrounding areas and an increase in real estate prices. Can you give us your prognosis for the nearby areas? How do you think the implementation of this project will impact the residents of Beenze and Bartskhana who live in close proximity to the island?

As we mentioned, with the development of the island, a new important center of attraction is created in the city of Batumi, which, if implemented according to the proposed concept, will increase the demand for real estate in its vicinity. It is expected that existing property owners here will enjoy an increase in their property values ​​if the island is developed at the planned pace. The hospitality infrastructure developed on the island will require a large number of staff, which increases the employment opportunities for both the local neighborhood and the whole Batumi.

Tell us about your company and its’ activities in Georgia.

Colliers is a global leader in providing real estate services and investment services, operating in 65 countries and employing more than 18,000 professionals. Colliers has been listed on the New York Stock Exchange (NASDAQ) since 2015. Colliers has been doing business in Georgia since 2014 and works in the development consulting, evaluation, brokerage, construction project management and supervision, real estate marketing and investment attraction fields.

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