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The heart of Yerevan is starting to beat in a new rhythm: construction work has started on an ambitious project that combines the city's cultural heritage and Italian architectural innovation. A new investment project worth 100 million euros by the “Nuovo Velodromo” company, part of the Italian RENCO group, includes a comprehensive renovation of the English Park—one of the capital’s most beloved green spaces—as well as the construction of the Milano–Firenze residential and public towers, designed to set a new standard for the quality of the urban environment.
This project is not just an architectural undertaking. It is a synthesis of the Yerevan spirit and European aesthetics, a desire to create a space where comfort, harmony, and modernity become part of everyday life. The Milano-Firenze towers will become a symbol of a new way of life: bright, dynamic, and looking to the future. The Hilton DoubleTree Hotel hosted a gala event to mark the start of this vibrant and large-scale urban project (Photo Report).
English Park: New “breath,” new greatness
The English Park renovation project in Yerevan has become an important starting point for a new urban development initiative presented by RENCO. The presentation of this project kicked off the aforesaid event, where business representatives, architects, journalists, and officials gathered.
RENCO President Giovanni Gasparini emphasized the significance of the moment. “We are honored to be here today to present the English Park renovation project, as well as to announce the start of construction work on the Milano-Firenze Towers project. English Park is an important place not only for Yerevan, but also for our company, RENCO.”
According to Gasparini, the company has a long-standing presence in the area, with its projects shaping the appearance of the neighborhood around the park.
RENCO is known not only in the construction and asset management industry, but also in the restaurant business, and its projects include the Hilton Hotel in Jeddah.
“Many of our projects over the years have been centered around English Park. That is why we are especially happy that we will finally be able to return the park to its former glory. We have already started the full reconstruction. It will be a beautiful green space open to everyone: families, adults, all residents of Yerevan,” he noted.
The company approached the reconstruction of the park with special responsibility. As RENCO CEO Rubini Giovanni said, the idea to breathe new life into the park was born with the launch of a large-scale urban development program.
"Many of our projects over the years have been centered around the English Park. Therefore, we are especially happy that we can finally return the park to its former grandeur. We have already begun a complete reconstruction. This will be a wonderful green space open to everyone—families, adults, all residents of Yerevan," he noted.
The company approached the reconstruction of the park with special responsibility. As RENCO CEO Giovanni Rubini said, the idea of giving the park a new life was born simultaneously with the launch of the company's large-scale urban development program.
“When our partner Vahram Adamyan and I decided to give impetus to our company’s urban development programs, we thought that it would also be worth reconstructing and refreshing the English Park. We presented our project for a small renovation to the mayor of Yerevan, but he convinced us otherwise—and instead of modest improvements, we embarked on a larger-scale reconstruction. We took on this responsibility with great joy because we know that the English Park is of great importance to the city.”
The park, which turns 175 this year, was founded in the 1850s and is one of the few green spaces that has remained virtually untouched, Giovanni Rubini recalled.
“Today we met with the mayor again, and he confirmed that the English Park is one of the few parks in Armenia that has remained untouched. Apart from minor changes, there have been no major interventions here. This park is of great importance to all citizens because everyone knows it and remembers it from childhood.”
Also, he emphasized the historical and cultural value of the area. “The park is also very important from a cultural point of view. The city’s main theater, the Sundukyan Theater, is located here. In addition, it was in this park that the first official football match in the history of Armenia took place: between the teams of Yerevan and Gyumri, and the Yerevan team won.”
The company's cultural initiative also received special attention during the presentation. "We asked our great friend Vardan Karapetyan to prepare a book about this park. Today you will have the opportunity to get acquainted with the preliminary version of the book, and the book will be published by the end of the year."
RENCO has been investing in the development of the surrounding area for many years. The company's Italia Street, the Park Residence building where RENCO employees live, the Congress Hotel and the nearby Italian Embassy are located here. "We have made large investments in these projects, and it is a great honor and joy for us to take part in the reconstruction and renovation of the park," added Giovanni Rubini.
During the presentation, the company’s cultural initiative also received special attention: “We asked our dear friend Vardan Karapetyan to prepare a book about this park. Today, you will have the opportunity to review a brochure with short excerpt from the book, and the book itself will be published by the end of the year.”
Milano-Firenze: Architecture of encounters and Mount Ararat
The transformation of the English Park is just the beginning of RENCO's big plan. As noted by RENCO President Giovanni Gasparini, this is not only about revitalizing a green space but also An important step in Yerevan's development. “In addition, we have started the construction of the Milano-Firenze Towers. A large public square will be created, open to the city’s residents.”
In three years, these two buildings will rise in the heart of the capital at 4/1 Grigor Lusavorich Street. The stunning 24-story multifunctional complex will include: 152 apartments, 10,000 square meters of office space, 4,000 square meters of commercial space, and 373 parking spaces.Apartments in the Milano Firenze Towers are already available for purchase. Simply visit the website MilanoFirenze.am or call the provided phone number, 8025.
The location of the new residential complex was chosen deliberately. It is one of the most prestigious areas of the city, near the embassy quarter, just a few hundred meters from Republic Square. The project includes residential and commercial spaces, with wonderful views of Mount Ararat and downtown Yerevan.
“RENCO, as always, strives to be a guarantee of quality. We aim to bring Italian design, Italian materials, and, overall, Italian quality to Armenia,” Gasparini added.
Special attention is given to architecture and harmony with the city’s aesthetic. While the project incorporates a modernist Italian style, it will be adapted to Yerevan’s unique character, with an emphasis on sustainability and ecology.
Details of the project’s implementation were presented by RENCO’s General Director Giovanni Rubini. He emphasized that the development of the former velodrome site is not just about two buildings but an entire urban environment: “These are not merely buildings with offices and apartments. We aim to create a space for encounters, where people can interact, and where a welcoming, warm atmosphere will prevail.”
The project has been designed with modern environmental standards in mind: “This is a green project. We’ve designed buildings with practically zero emissions and very low energy consumption. These will not only be beautiful buildings—they will be high-quality structures with tastefully executed interior finishes.”
During the event, high-quality Italian materials for custom apartment interior finishes were also showcased, which will be used, leaving buyers to choose their preferences.
More than a quarter century in Armenia: From Hotel Yerevan to the energy sector
Giovanni Rubini emphasized that this project reflects the company’s long-term commitment to Armenia: “We have already been in Armenia for nearly 30 years. During this time, we have accomplished a great deal, and we want to continue our presence in this country. We believe in Armenia and want the very best for it.”
President of RENCO, Giovanni Gasparini, recalled the company’s long-standing presence in Armenia. “I would also like to note that RENCO has been operating in Armenia for a long time. It all started with my father, who restored Hotel Yerevan—our first project here,” he noted.
Since then, the company has steadily expanded its activities. Among its notable projects are the Congress Hotel, the renovation of the Italian embassy building, Piazza Grande, and more.
In recent years, the company has actively diversified its investments as well: “We entered the energy sector—today we have one of the most important power plants in the country,” Gasparini emphasized, assuring that RENCO intends to continue its presence in Armenia and further develop projects for the benefit of the country.
