 Phase One of Green Lisi Town opened in 2011.Current plans for the redevelopment of the area date to 2007, when a group led by Mamuka Khazaradze outbid a group of Israeli investors by offering 182 million USD for 354 hectares of land.Conditions of the deal with the government required Khazaradze's group to spend 30 million USD on public utilities upgrades in the area and on a system to provide badly needed fresh water to the lake.