Lisi Development announced that development of territory, nearby to Lisi Lake (Saburtalo district of Tbilisi), is launched and is expected to be completed in 2012. The first stage of construction will cover 5 ha. This stage envisages construction of 16 townhouses (2- or 3-storey) by 3 different projects, having dwelling space of 115-170 square m. The first phase envisages also construction of common residential houses, having up to 4 floors. Overall, 48 apartments of 8 different types will be built with living area from 70 square m to 146 square m. Besides, 5 villas are designed, having private yard and living area of 300-400 square m. Total area of “Green Town Lisi” is 355 ha. One third of the site is envisaged for residential development (flats, townhouses and villas), while original local flora and specially planted gardens will occupy the rest. Total estimated investment exceeds $100 million. The company has already attracted $25 million from 2 international financial institutes (Dutch Development Bank (FMO) and OPIC). Lisi Development was founded in 2010 specially for implementation of the mentioned project. One of its founders is Georgian Reconstruction and Development Company (GRDC, member of TBC Group). Besides this project, Lisi Development implements also upgrade of Lisi Lake infrastructure (sporting yards, walking paths, stadiums, new restaurant), construction of Givi Zaldastanishvili American Academy in Tbilisi (launched in April of the current year and should be completed for 2012/2013 academic year), etc.