The Armenian government has officially launched the Downtown Yerevan urban development program, which will become the largest comprehensive development project in the country's history. It involves the reconstruction of the Noragyukh district and the creation of a new international-level urban center along the Hrazdan River gorge — from the Yerevan Lake district to Victory Bridge. The total area of the project will be about 81 hectares.

The concept provides for the creation of a multifunctional district that will partially take on the load of the capital's historic center. Plans include the construction of 155 residential buildings for approximately 65,000 residents, offices for international organizations and diplomatic missions, business centers, hotels, as well as cultural and public spaces. The project also includes schools, kindergartens, sports facilities, embankments, parks, new roads, underground parking, and transport links with Isakov Avenue and Monte Melkonyan Street. Architecturally, the project continues the logic of Tamanyan's master plan, which had remained unrealized for decades.

The adopted decision is preparatory in nature and does not mean the immediate expropriation of property. The Mayor of Yerevan has been authorized to sign a framework agreement with DITI Construction and DITI Development, which are acting as the project's investors and operators. They will handle financing, management, and the attraction of developers, but will not directly develop the territory. Residents are guaranteed compensation at market value with a 30% premium, and the Dalma Gardens are not subject to development — a large forest park of about 250 hectares is planned on their territory.