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    Home / Developers / IG Development
    A listed Tbilisi landlord since 2010, now building a Zaha Hadid tower

    IG Development

    IG Development Georgia has been building and running Tbilisi retail since 2010, and its residential arm is building CityZen Central Park. The commercial business is the part a buyer can check: four completed retail and office assets, 79,804 m² of net leasable area at 97.6% average occupancy and around 380 tenants, and both Tbilisi malls full. Unusually for a Georgian developer, the parent is a publicly reporting bond issuer listed on the Georgian Stock Exchange and supervised by the National Bank of Georgia, so its audited numbers are on the record. CityZen is what it built with that balance sheet: four residential blocks around a car-free courtyard, and a 42-storey tower that is Zaha Hadid Architects' first project in Georgia.

    Founded 2010 Founder Mindia Sabanadze HQ Vazha-Pshavela Avenue 70, Tbilisi, Georgia
    2010
    Building since
    79,804 m²
    Net leasable area
    42 floors
    The tower
    THE TRACK RECORD

    IG Development's record.

    Two things set this developer apart from most of the Georgian market. First, the numbers are auditable: the parent is a listed bond issuer on the Georgian Stock Exchange, supervised by the National Bank of Georgia, with prospectuses on the regulator's site, audited annual reports published by 15 May and half-year statements by 30 August, and covenants limiting asset disposals and related-party transactions. A buyer can read the developer's accounts, which is rare here. Second, the green record is documented rather than asserted: EDGE Advanced certificates for City Mall Saburtalo, City Tower and the City Mall Gldani expansion, and a formal Green Bond Framework with a standing committee that selects and monitors financed projects and reports on use of proceeds and impact each year.

    Delivery record

    The commercial portfolio is finished, occupied and reported on. Across the four assets it runs to 79,804 m² of net leasable area with 97.6% average occupancy and roughly 380 tenants as at 30 June 2025, and both Tbilisi malls were 100% occupied on the same date. The company reports 41% of Tbilisi shopping-mall revenue in 2023 against a named comparison set. Its Tbilisi mall area is planned to roughly double, to 147,382 m², once both expansions complete. The residential arm, LLC City Development, was founded in 2021 to build residential complexes, and CityZen Central Park is its first project: the blocks are scheduled for December 2026 and the tower follows.

    Years active

    16 years, since 2010. Four completed retail and office assets in Tbilisi: City Mall Kavtaradze (2012), City Mall Gldani (2016), City Mall Saburtalo (2019) and City Tower.

    Financial strength

    The parent is listed on the Georgian Stock Exchange and supervised by the National Bank of Georgia, with prospectuses filed publicly, audited annual reports by 15 May and half-year statements by 30 August. TBC Bank and Bank of Georgia both lend against the CityZen tower.

    Founded2010
    FounderMindia Sabanadze
    HQVazha-Pshavela Avenue 70, Tbilisi, Georgia
    TypePrivate group, listed bond issuer
    Active projects1
    SIGNATURE COMMUNITIES

    IG Development flagship destinations.

    Urban district — apartments, tower, retail and offices
    CityZen Central Park
    Four residential blocks, A to D, around a 23,000 m² car-free courtyard with a lake and a Japanese garden, plus a 42-storey, 160.5-metre tower by Zaha Hadid Architects. The tower holds 28,213 m² of residential space, 9,103 m² of serviced apartments, 9,189 m² of offices, 5,888 m² of retail and 3,759 m² of infrastructure, and is designed to achieve LEED Gold. Element Construction is the contractor. Blocks scheduled for December 2026.
    Retail, delivered 2019
    City Mall Saburtalo
    The group's largest Tbilisi asset, 254 tenants and 100% occupied as at 30 June 2025, holding an EDGE Advanced green-building certificate.
    Retail, delivered 2016
    City Mall Gldani
    101 tenants and 100% occupied as at 30 June 2025. Its expansion also carries an EDGE Advanced certificate.
    WHAT SETS THEM APART

    What makes IG Development special.

    Property types ApartmentsServiced apartmentsOfficesRetail
    Price segment Upper

    Signature style

    The courtyard is the argument for the whole CityZen scheme: 23,000 m², no car enters it, and 250 of the site's existing mature trees were kept rather than cleared and replanted. Inside are a lake, a Japanese garden, a bike lane, a sports pitch and the cafes at the foot of the blocks. Rainwater is collected and reused from an on-site reservoir, planting is restricted to native species that need no additional irrigation, and the tower's extended balconies and external louvres were tuned by local wind and solar analysis to cut summer heat gain and catch winter sun. The territory is gated, with concierge, security, housekeeping, gardening and technical staff around the clock, all controlled from the CityZen app: electronic key, guest entry, fault reports and service requests.

    Payment plans

    The residential blocks are sold with no down payment, 70% through construction and 30% after it. The tower is sold on 10% down with the balance running to handover.

    THE HONEST VIEW

    Strengths & considerations.

    Where IG Development shines
    • Sixteen years of delivered, occupied commercial property in Tbilisi, with 79,804 m² let at 97.6% average occupancy
    • A publicly reporting bond issuer on the Georgian Stock Exchange, supervised by the National Bank of Georgia, so the accounts are auditable
    • A 42-storey tower by Zaha Hadid Architects, which the practice states is its first project in Georgia
    • A winner in Architectural Design, Residential, at the BLT Built Design Awards, with CityZen credited as client
    • A 23,000 m² car-free courtyard that kept 250 of the site's existing mature trees, with rainwater reuse and native planting
    • EDGE Advanced certificates on three of the group's assets, and a formal Green Bond Framework with annual impact reporting
    • A delivery specification published as a closed list, so the handover can be checked item by item
    • No down payment on the residential blocks: 70% during construction, 30% after
    Worth considering
    • The district completes in stages: the blocks are scheduled for December 2026 and the tower follows
    • The tower's handover date is confirmed by the developer on request
    • The residential arm is newer than the group: LLC City Development was founded in 2021 and CityZen is its first project
    1 ACTIVE PROJECT

    All projects by IG Development.

    Live from the catalog — sorted cheapest first. Click any card for the full property page.

    CityZen Central Park, Tbilisi
    OFF-PLAN
    Saburtalo · Tbilisi

    CityZen Central Park, Tbilisi

    1–3 Bedroom, Penthouse Handover December 2026
    Coming soon
    GOOD TO KNOW

    Common questions about IG Development.

    Who is IG Development?+

    LLC "IG Development Georgia", registered in Tbilisi on 13 January 2010, is the group behind the CityZen brand. Its founder and ultimate owner is Mindia Sabanadze, who chairs its supervisory board; Goga Machavariani is CEO of CityZen. The residential entity that builds CityZen is LLC City Development, founded in 2021.

    What has the group built before?+

    Four completed retail and office assets in Tbilisi: City Mall Kavtaradze (2012), City Mall Gldani (2016), City Mall Saburtalo (2019) and City Tower. Together they hold 79,804 m² of net leasable area at 97.6% average occupancy with about 380 tenants, and both malls were 100% occupied as at 30 June 2025.

    What is CityZen Central Park?+

    A district in Tbilisi rather than a single building: four residential blocks, A to D, around a shared courtyard, and a 42-storey tower designed by Zaha Hadid Architects standing apart from them on the avenue. It is on the corner of University Street and Tamarashvili Avenue, where Vake meets Saburtalo.

    How big is the courtyard?+

    23,000 m², and no car enters it. 250 of the site's existing mature trees were kept rather than cleared, rainwater is collected and reused from an on-site reservoir, and the planting is native species that need no additional irrigation. Inside are a lake, a Japanese garden, a bike lane, a sports pitch and the cafes and restaurants at the foot of the blocks.

    What arrives with the keys?+

    The specification is a closed list. Included: painted or panelled walls, plasterboard ceilings, laminate, wood or porcelain-stoneware floors, tiled bathrooms with ceramics, mixers and a shower, kitchen cabinetry with a sink and taps, centralised heating and cooling, recessed spot lighting, switches and sockets, doors with locks, aluminium windows around the perimeter, and a balcony in porcelain stoneware with a glass balustrade. Ceilings are 2.70 and 2.90 metres. Kitchen appliances, smart lighting and heating systems, wardrobes and loose furniture are not included.

    What is in the tower?+

    It rises 160.5 metres over a podium of shops, offices and terraces, with retail and offices below, 120 serviced apartments run by an international operator above them, then the residences. The drawings for floors 18 to 40 show 310 apartments between 57.1 m² and 144 m². It is designed to achieve LEED Gold, and it won in Architectural Design, Residential, at the BLT Built Design Awards.

    Who else worked on the tower?+

    Zaha Hadid Architects is the design architect, with Artstudio Project as architect of record and landscape consultant, Capiteli on structure, FMT on facade engineering, Zerone on MEP and Sustainable Engineering as LEED consultant. Element Construction is the contractor, and TBC Bank and Bank of Georgia both lend against the project.

    When does it hand over?+

    The residential blocks are scheduled for December 2026, a date the developer's own schedule and independent building databases agree on. The tower follows. Ask us for its confirmed handover date and we will get it from the developer in writing.

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