19.07.2013 09:54

In 1924, the architect Alexander Tamanyan developed the main layout of Yerevan. The implementation of construction works and new architectural buildings entailed the necessity to engage high quality seasoned professionals. Many professionals from various cities responded to the Armenian Government’s call for new architectural solutions. Among them was Nikolai Buniatov (Nikolayos Buniatyan), who was the Chief Architect of Yerevan in the years from 1924 to 1938.

Rapidly growing economy of Armenia dictated the necessity to build new civil buildings, primarily, for banks. The concept of the new building of the Agricultural Bank was elaborated by Alexander Tamanyan who headed the ad hoc committee in charge of the construction of the Agricultural Bank building.

On November 15, 1924, Shinarar joint-stock construction company and Yerevan City Council entered into an agreement pursuant to which Shinarar was allowed to build a second floor addition onto the existing building at 2 Nalbandyan Str. The agreement had specification of the construction site enclosure: from the south-west of the Communal Bank towards the north-western part of Nalbandyan Str., and from the north-east of consumer goods shops to the south-east of the Communal Bank courtyard, with total area of 68.5 square sazhens (an old Russian measure of length equivalent to 7 United States feet). The site was leased for 49 years. Shinarar joint-stock company took over the civil works with estimated construction area not less than 60 sq. sazhens covering 7 rooms.

It was on October 5, 1925, that Shinarar joint-stock company and the Management Board of the Agricultural Bank executed an initial agreement on the construction of the bank’s building.

On February 10, 1926, the prominent architect Buniatov and Agricultural Bank signed the bank’s building design contract, following which, on August 10, 1926, Yerevan City Council and the Management Board of the Agricultural Bank entered into an agreement whereby the site was leased for 49 years for the building construction purposes. Situated within the first district of Yerevan at # 43, intersection of Engels and Ter-Ghukasovski Streets, the site covered the area from the south-west of the Yerevan City Council to the north-west of Shinarar joint-stock company and from the north-east of Ter-Ghukasovski Street to the south-east of Engels Str. The total area of the site was 274.64 square sazhens which pursuant to the agreement terms could be enlarged. Finally, the same year Shinarar joint-stock company and the Agricultural Bank executed an agreement on the construction of the Agricultural Bank’s building. In 1927, construction of the hostel for the bank’s staff kicked off.

According to the approved schedule the projected beginning of the bank’s building civil works was November 1, 1926, to be commissioned in 1927. However, due to a number of reasons the civil works were completed in 1929.

Agricultural Bank was based on credit organizations issuing agricultural loans, which were situated in 29 various regions of Armenia. The bank’s resources were comprised of the equity, loans received from the Central Agricultural Bank and current accounts.

At the moment of opening, the capital of the Agricultural Bank was 750 thousand rubles, with the bank performing only a limited number of operations. Despite this, the Agricultural Bank encouraged and fostered rehabilitation of agriculture in Armenia.

In 1928, Erivan City Council resolved to extend the bank’s site lease tenure from 49 to 65 years. According to the decree adopted on November 20, 1928, the building of the Agricultural Bank hosted such institutions as Irrigation Works Department, Caucasus Railway City Station, Armenian Housing Cooperative, Erivan Communal Trust and State Industry Committee.

According to the archive data, along with the Agricultural Bank, other institutions were located in the intersection of Nalbandyan and Engels Streets as well. In 1944, the building hosted the Department of the Civil Service Saving Accounts and Government Credit of the Armenian Soviet Socialist Republic (ASSR), later reorganized into the USSR Armenian Republican Chief Department of Civil Service Saving Accounts.

After the 1920’s, to the right of the former Caucasus Bank, Russian Bank (4 Marx Str.), the Central Executive Committee, the Communal Enterprise and the Central City Police Department (6 Marx Str.) lined up along Marx Str. (former Bazarnaya Str.).

The space between the two banks was leased to five trading malls, including a fish shop, which was most popular with the citizens.


Time has left its trace on these buildings and now they are not as strong as they used to be, the initial design needs repair, neither any fixtures are any longer up to date.

Years of use and environmental affects caused major damage to all of these buildings. Moreover, according to the Republic of Armenia Construction Standards II-6 02-2006, ‘Earthquake-resistant construction & Design Standards’; it was discovered that the layout and technical standards of Earthquake-resistant construction were incorrect. As a result, the technical construction state of the building has been deemed unsatisfactory. Its breakdown rate according to the effective construction standard scale is assessed at 3rd level which implies evacuation of the occupants of the used areas pursuant to Table 24 of the Republic of Armenia Construction Norm 11-6.02-06, for the purpose of the building’s reconstruction and reinforcement.

We highly value the architectural concept of the building, and we realize that this building needs to be preserved and passed on to future generations. Therefore, with greatest responsibility and care, we have undertaken to reconstruct the building and build the new while preserving the old

Property Development Company CJSC, specializing in investments in the real estate market as well as construction management services, has undertaken reconstruction of the old building and construction of a new public multifunctional complex on site.