Developer Invests $80 Million in Batumi's Largest Tower

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Batumi, Georgia-based developer Tam Geo is investing $80 million in Babillon Tower Batumi, the highest residential tower in the country of Georgia.

Babillon Tower is a mixed-use development currently under the construction. It will rise to reach 172 meters high, taking the number one spot for a residential building. The only building taller than Babillon is the 200-meter-tall Batumi Technological University Tower, according to the Council on Tall Buildings and Urban Habitat.

The project will feature 421 residences, including penthouses and lofts. It will also include a two-story shopping mall, casino and adjoining luxury hotel, according to a company announcement.

Sales for residences in the project officially started this week. Prices range from approximately $90,000 to a little more than $280,000.

The project's shopping mall and hotel are expected to open at the end of 2014. The rest is due for delivery in 2015.

The city of Batumi is an administrative center of Ajara Autonomous Republic, situated by the Black Sea. With a population of 180 000, the city is the land and marine gateway to Georgia with its largest sea port and railway, according to the city's website.