The Department of Environment approved on Tuesday, 11 May the renovation project for the country's largest GSP Stadium.
The territory of the former stadium located between Grigori Afxentiou, Evagorou and Vasileos Pavlou Streets, to the east of the Ministry of Finance, will soon turn into a green oasis.
According to the release of the city authorities, this place is expected to be radically transformed.
The municipality plans to create a modern city square, recreation centers, plant greenery around the stadium, as well as build a spacious two-level parking lot for 602 cars. There will be a cafe, restaurant, bookstore, art gallery, amphitheater, square, small waterfall and water wall.
It should be noted that now there is a parking lot of 1.32 hectares here.
The total project cost is estimated at €19.7 million + VAT.
The money for its implementation will be allocated from the EU Cohesion Fund, budgets of the government and the municipality of Nicosia, according to the regional development program for 2014-2020.
The construction period of the new park will be 24 months, after which the contractor company will undertake the obligation to maintain it for another 10 years.
The plot of the proposed development lies in the commercial development area EZ-d. According to the local plan of Nicosia, buildings with a maximum height of 8 floors (no more than 31 meters) can be erected in this area.
There are the Ministry of Finance, commercial and residential facilities, as well as a theater in the immediate vicinity of the site.
As you may know, this is not the first attempt to renovate the stadium. The history of the reconstruction starts in 1986.
Plans focused on how best to use the area of the old GSP stadium have been developed over the years. Previous options included a boutique hotel with 70 rooms, 7,000 m2 of commercial space and 1,000 indoor parking spaces.
And now, finally, the city authorities are closer than ever to the realization of their long-awaited plans.
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