DMG Group announces urban renewal of Laguna Vere alongside former Silk and Tobacco Factory site

DMG Group has officially announced the acquisition of Laguna Vere, as well as the sites of the former Silk and Tobacco factories in Tbilisi, launching a major urban redevelopment project aimed at restoring long-abandoned industrial areas and integrating them into the city’s evolving urban landscape.

The architectural concept for the development will be designed by internationally acclaimed Spanish studio Ricardo Bofill Taller de Arquitectura.

According to DMG Group, the master plan will include residential buildings alongside the restoration and redevelopment of several historic sites.

A central element of the project will be the restoration of Laguna Vere, with the company saying it intends to return the historic landmark to the city while preserving its original function.

The project will also include the rehabilitation of one hectare of recreational green space, with new landscaping and vegetation, as well as the adaptive redevelopment of the former Silk and Tobacco factories, giving new purposes to the historic industrial sites.

The total investment in the project is expected to reach up to GEL 1 billion.

DMG Group said the project is expected to create employment opportunities for up to 1,000 local professionals during both the construction phase and subsequent operations.

The company said it recognizes the strong public interest in the location and is committed to maintaining transparent dialogue with the public. Further details about the project will be shared as they become available.