Economy, Business And Markets

Construction of TM Tower Resumes

Construction of TM Tower ResumesConstruction of TM Tower Resumes

A new report suggests the construction of one of Tehran’s largest residential structures called the Third Millennium Tower has resumed after almost four years of inactivity. , a forum for architects and construction companies, reports that work has restarted on the huge 15,200 square meters site, located in the northwest of the capital. The project came to a halt when sanctions intensified against Iran’s economy back in 2011, sharply raising price of construction materials.

Originally designed in collaboration with Belgian architects, the tower was constructed to resist earthquakes and other large scale destructive natural phenomena.  When completed, the it will host hundreds of apartments up to the size of 200 square meters.  

Some property experts say the per-meter price could be about 120 million rials ($3,700 based on market rate) at today’s value.

The TM tower, as it’s also known, has been an eyesore in recent years as residents of Tehran commented on its lack of progress and huge presence in the west of the city.