Success Stories

The Government of the Republic of Armenia sought to define the future development potential of a landmark historic building located on Republic Square in central Yerevan. Given the building’s architectural significance and prominent civic location, the key challenge was to identify development scenarios that balance heritage preservation with market feasibility and long-term value creation for the city.

The project required a strategic, evidence-based approach to assess the site’s potential within Yerevan’s evolving urban, economic, and real estate context.

Cushman & Wakefield | Veritas was engaged to provide strategic advisory services under an agreement with the Government of Armenia. The scope of work includes delivering a comprehensive Highest and Best Use analysis to support informed decision-making on the property’s future development.

Our work includes:

• Comprehensive review of the property and its surrounding area

• Market analysis and demand assessment across relevant sub-sectors

• Identification of the site’s development potential and strategic direction

• Assessment of expected economic impacts and outcomes

• Development of viable development scenarios

• Feasibility analysis of long-term urban development options

The advisory approach integrates market realities with architectural and historical considerations.

The engagement establishes a strong analytical foundation for evaluating the property’s future development options. The study supports the Government of Armenia in aligning heritage preservation objectives with economic viability and sustainable urban development goals.

By providing structured insights and strategic guidance, the project enables a clear framework for assessing long-term development scenarios and shaping an optimal development strategy for one of Yerevan’s most significant historic assets.