Armenian authorities have approved a more than $150 million reconstruction project for the former Ministry of Foreign Affairs building in Yerevan.

The project, proposed by Corporación América Airports, owned by Argentine-Armenian businessman Eduardo Eurnekian, envisages transforming the existing building into a multifunctional complex, according to Sputnik Armenia.

The renovated site is expected to include hotel, residential, office and commercial spaces.

“We believe it is important to preserve the historic identity of the building and its direct connection with Republic Square, while creating a modern and viable environment for residents and visitors to the city,” said Martín Eurnekian, the company’s CEO.

Eduardo Eurnekian is one of Argentina’s wealthiest businessmen.

The billionaire of Armenian descent has an estimated fortune ranging from $1.9 billion to $3.4 billion.