Real Estate Developments

Overview

As a land bank with a considerable property portfolio, Solidere’s aim from the outset was to market a wide range of land and built-up spaces for residential, commercial, retail, hospitality, and other uses. The Company planned to sell land for development and to sell some of the retained built lots whose ownership devolved to it and to keep some for office use. Given the finite potential of the land bank, Solidere also planned to create a rental market by leasing space in renovated or new properties, thereby diversifying the recurring revenue base. 

In developing real estate for its own portfolio, Solidere initially focused on projects that elicit end user interest either as a place of residence or as headquarters. The most notable of such projects include the UN House, the Embassy Complex, and new and restored flats in Saifi Village, Wadi Abou Jamil, and Zokak el Blatt. 

Thus, Solidere began its development activities in the traditional city center, focusing first on the historic core, notable for its conserved and restored architecture, and the key residential areas before shifting its attention to the mixed-use Hotel District and poles of attraction both in the traditional city center and the new Waterfront District, such as Beirut Souks, Beirut Marina, and Zaitunay Bay. Solidere also turned to leasing space for temporary activities in the Waterfront District. 

Today, the Company’s development strategy prioritizes completion of key developments such as the Entertainment and Cinema Complex and Department Store in Beirut Souks in the traditional city center, and infrastructure in the Waterfront District for future land development and sales. All these projects complement existing ones with particular focus on enhancing the social and cultural dimensions in the city center while generating revenue. The Company also generates income from parking lots and mooring spaces in Beirut Marina.