Abu Dhabi Investment House (ADIH) today announced that the final design plans for its US$600 million project in the centre of Beirut were submitted to Solidere, the company responsible for developing Beirut city centre.
New renderings of the project have now been released, for members of the public to get a first glance of how the project will look when finalized, and they show a modern transformation of Beirut’s most historical areas, Martyrs Square.
Four world-renowned architects were in the city last month to finalise the design master plan, where they took part in the final (of four) design workshops for Beirut Gate, which will be an integrated commercial and residential sea view project in the Beirut Central District, commonly known as Solidere.
Submitting the final designs to Solidere will set the project on the right track towards completion, as now all the final approvals from Solidere, municipality and all parties involved will be received on time and according to plans.
Michael Lawrence, Abu Dhabi Investment House’s director of real estate, praised the move: “Creative minds from France, New York and the Middle East have deliberated and debated over these designs for several months now. By submitting the final designs to Solidere, we can say that we are on the right track towards completion of the Beirut Gate.”
French architect Christian de Potzempark, of New York’s legendary LVMH towers fame; Arquitectonica, a highly regarded US based architectural firm; Nabil Gholam, a popular Lebanese architect; and Erga Group, another sought-after Lebanese firm, have finalised the design plans earlier this month and submitted them to ADIH, the company responsible for the development of Beirut Gate.
“Thankfully, all parties are now more than happy, and we are all unanimously excited about the new renderings and being on the right track towards obtaining the final approvals,” he added.
The Beirut Gate development will comprise eight plots spread over 21,448 square metres and a built-up area of 178,500 square metres overlooking the famous Martyrs’ Square of Lebanon, downtown Beirut and the Mediterranean.
“Beirut Gate will be an exceptional project and we are confident that it has long-term value, which will deliver healthy and sustained returns to investors,” concluded Lawrence.
Beirut Gate is located near Foch-Allenby, an area famed for its historic and diversified architecture, blending Ottoman, Italian and French styles, Place de L’Etoile, and the main shopping district. The Beirut Central District, where the project is located, is a renovated historic area developed by Societe Libanaise Pour Le Development et La Reconstruction (Solidere). Beirut Gate will be developed on the Martyrs’ Square axis that extends to Damascus Road, which passes through the middle of the city and to the port. The project is also close to the highway, which provides access to the airport.
Established in 2005, Abu Dhabi Investment House is promoted by leading financial institutions and a group of prominent businessmen and investors from the Gulf region. ADIH has a growing portfolio of investments in the region’s infrastructure and property development, including The Lagoon Bahrain, a 55,000 square metre landmark retail and leisure development on Amwaj Island off the coast of Muharraq, in Bahrain. Set up with a paid up capital of AED 200 million, ADIH is focused on the existing and emerging potential in private equity, corporate finance, real estate, asset management and investment placement. ADIH advises investors on a variety of high-yielding and untapped investment avenues that will enable them to reap the rich dividends of the regional economic growth. ADIH also has interests in managing Initial Public Offerings (IPOs) and buying and selling domestic and international securities.
