Work on the reconstruction of the old GSP stadium in the very center of the capital continues.
According to a source in the municipality, the €19.2 million renovation will include a city square, green spaces, recreation areas and underground parking for 540 cars.
Tenders for the project were submitted back in May and were awarded to the construction and development consortium Cyfield.
The reconstruction will be co-financed from the EU Cohesion Fund, the State Budget and the Municipality of Nicosia for the programming period 2014-2020.
The old symbolic clock from the stadium has been preserved and will become the centerpiece of the project, along with a copy of the old KEO beer advertisement.
There will also be more high-rise buildings in the capital as the Environmental Protection Agency gave the green light for the construction of two 64-meter-tall residential towers at the Landmark Nicosia Hotel.
The Landmark Nicosia Hotel is located within easy reach of Nicosia city centre, close to the business and shopping district and within walking distance of the capital’s historical sights and museums.
Meanwhile, construction activity in Limassol is reportedly picking up and multi-million dollar investments in the once neglected area of western Limassol will be channeled into the pipeline.
The area gained momentum with the opening of My Mall, followed by the construction of a casino in Zakaki.The City of Dreams Mediterranean – Integrated Casino Resort will cover approximately 350 acres and will include a luxury hotel, a range of restaurants and bars, a conference center, retail stores, a gym, spa, swimming pools, a small number of detached villas, parking lots and landscaped areas with a lawn and other plants/trees.
The Cypriot company Phasouri (Zakaki) Ltd has reportedly filed an application for the allocation of 78 plots in the area adjacent to the City of Dreams casino.
Lanitis Farm Golf Ltd is also planning to launch its Lanitis Greens Golf Resort project. This is a mixed development project that includes real estate, a golf course, recreational areas such as a spa and tennis courts, and retail areas with restaurants and shops.
Earlier this week, the renowned Intercontinental Hotel Group and the Frantzis Group of Companies announced their agreement to build a luxury 5-star hotel in the city called the Intercontinental Limassol Hotel.