Turkish authorities turn down Armenian foundation's application

Istanbul authorities have turned down the application of the St. Hakob Armenian Foundation, which was willing to invest $150 mil in the construction of a mall in Taksim Square.

According to the Turkish newspaper Aksam, the Istanbul municipality, in explaining its decision, said that the investment program proposed by the foundation sought 48,000 square km for the mall but that exceeds the designated area by 170 percent.