Abbas Abad - History

History

Abbas Abad was originally conceived in the 1950s and 60's as a housing and residential center for members of various branches of the military, especially for the ground forces (although on a non-exclusive basis; for instance, in 1970s the district also became home to a number of Armenian-Iranians). Later on, the district grew and its boundaries blended with other expanding nearby neighborhoods. The capital's first television broadcast stations (both for local and the first-ever trans-national television programming broadcast) were situated on Abbas Abad Hills. By the early 70's, the district was experiencing exceptional growth, partly due to its location and the availability of land on still-barren Abbas Abad Hills, which eventually became the site for the never-materialized mega project of Shahestan Pahlavi (see Interesting Facts below). To fund further growth, the government in 1971 issued the largest urban development bond-offering to that date, worth approximately $110 million, with 9% annual interest rate and a 7-year maturity. These bonds were initially traded on Tehran Stock Exchange prior to their repurchase at maturity in 1978-79.