The Municipality of Limassol has set forth plans to make a call for proposals by the end of 2018 for the start of the project to utilize a section of land in the Enarios area. This piece of land spans and area of 10,103 sq. meters, and is aimed at mixed use development, as outlined in the results of a financial sustainability study commissioned by Deloitte.
The planned development will have a total area of 39,402 sq. meters, thus taking advantage of the favorable circumstances that currently exist in the construction sector. This will allow the Municipality to meet its requirements for development projects, the maintenance of a multifunctional park and other infrastructure, cultural actions and social policy.
The decision to utilize this area was first made in 1994. The development will now proceed via a BOT cooperation, the terms of which are defined by the sustainability study drawn up for this project. As the Mayor of Limassol, Nikos Nikolaides explains, the Municipality is in the process of assessing the terms of the call for proposals, so that it may proceed within the year.
The scenario put forth by the preliminary study includes plans for offices, shops, apartments for rent or long-term lease (so as not to alienate the properties of the Municipality of Limassol) as well as a proposal for a hotel with a 1000-seat conference center. This proposal also includes a 606-car parking area, as well as a public square for cultural and other events.
The Municipality of Limassol aims to proceed with awarding the contract and starting operations by 2019. The project will be managed for a period of 20 years by the BOT investor, who will grant the Municipality of Limassol a fixed amount for the first 4 years, as well as a percentage of rent, management and sales revenue.