The Beirut Gate development comprises eight plots spread over 21,448 square metres and a built-up area of 178,500 square metres overlooking the famous
Martyrs’
The project is also close to the highway, which provides access to the airport. This area, located near Foch-Allenby, is famed for its historic and diversified architecture, blending Ottoman, Italian and French styles, Place de L’Etoile, and the main shopping district.
Rashad Janahi, CEO of ADIH signed a Memorandum of Understanding (MoU) on October 28 2006, just two weeks after the official launch of the landmark project. Janahi is also chairman of the recently-formed holding company for Beirut Gate.
He confirmed that the flagship deal is valued at some $30million and indicated that interest has been rife since the mid October inaugural event, with the strong possibility of two more plots being sold before the end of the year.
The first plot MoU at Beirut Gate has been snapped up by STAR Property & Tourist Development S.A.L. The managing partner of the Lebanon-based company, Imad Nesnas, said that his team is thrilled to be at the forefront of one of the first new era developments in the Lebanese capital.
“We have every confidence that this development will provide a major boost for the people of Beirut and the economy of Lebanon, and we want to be part of this,” he said.
When complete, Beirut Gate will be an integrated commercial and residential sea view project in the Beirut Central District, commonly known as Solidere.
The deal between ADIH and STAR was brokered by Bahrain-based, real estate developers and contractors, Bonyan International.
According to Bonyan’s business development manager, Abdulwahid Al Ahmed, Beirut Gate provides an excellent investment in a forward-thinking project.
Al Ahmed cited the architectural excellence of the Beirut Gate master plan as one of the project’s outstanding key success factors.
According to ADIH’s Janahi, a team of four world-class architects have been
commissioned to work in tandem on the vast, master-planed project. These
include French architect Christian de Potzempark, of
He also revealed that STAR had acquired the centre plot of the eight (Plot 1525), and that the mixed-use residential/retail tower has been designed by Arquitectonica: “We have a footprint of 1,350 square meters, equating to a finished, built-up area of 13,608 square meters over 13 floors,” concluded Nesnas.
Beirut, Lebanon