Lebanon Businessnews News
 

Solution in sight for
The Landmark expropriation
Project has been waiting since 2013
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The State, through the Ministry of Culture, is keen on executing the expropriation of The Landmark, a mixed use project that had been planned for the Riad El-Solh area.

Designed by French architect Jean Nouvel, it was to include 43 stories, a luxury mall, and a hotel.

Ruins were found during the project’s excavation, which led to the ministry’s interference. In 2013, the ministry issued an ‘expropriation project’ for the 8,000 square meter property.

A source from The Landmark’s advisory team said that the property was valued at $300 million. Sarkis Khoury, General Director of the Directorate General of Antiquities, said: “The property is very expensive and the State cannot pay this much.

The ministry therefore is considering alternative options. “We might either swap the entire land or divide it, whereby a part of it is swapped and the remaining part is expropriated,” said Khoury.

“The price can only be determined by a valuation expert,” he said.
Reported by Yassmine Alieh
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Date Posted: Jun 23, 2016