14 March 2017 is a special day for the Albanian-American Development Foundation (AADF), for many citizens of Tirana and the business community in the New Bazaar area.
The challenge launched 5 years ago, was concluded today with the inauguration of the renovated complex of New Bazaar with all contemporary infrastructure.
Despite the initial skepticism, the New Bazaar is an ambitious project with an overall commitment of $3 million from the Albanian-American Development Foundation and a contribution of $2.5 million from the Tirana Municipality in cooperation with the Albanian Government in reconstruction work. Meanwhile, the private investment by the business owners has exceeded up to $4 million so far.
AADF commitment and investment in New Bazaar will continue with the establishment of the Tourism Improvement District – TID Tirana, a successful model implemented by the Foundation in several cities in Albania. The Foundation will support local businesses of the area in the creation of the business association as well as provide grants to businesses in the TID area.
AADF has contracted The Means in conducting the design of the business management plan for TID Tirana. The Means is a British company with extensive experience in the management of Business Improvement Districts and Tourism Improvement Districts. Currently the Means, manages Borough Market, one of the most visited places in London with over 12 million visitors annually.
Successful administration of these areas go beyond regulation and infrastructure maintenance. They create communities, increase safety in the area, enable growth of business activity, increase property value and make them more attractive for tourists.
This project marks an inspiring and transformative intervention that Tirana has seen in the last 25 years.