On Monday, October 16, the Cyprus Department of Environmental Protection approved the construction of a new mixed-use complex called Silicon Park.
According to the release, the €60 million project, owned by Silicon Park Properties Ltd, will be realized within the administrative boundaries of the municipality of Agios Athanasios in Limassol.
The complex will consist of five buildings: three residential buildings of 5, 8 and 9 floors, as well as two office buildings of 5 and 7 floors. The project will have a total of 205 residential apartments. For the convenience of residents and employees of Silicon Park Properties Ltd a spacious parking lot will be equipped. The area around all the buildings will be landscaped. The project also provides for the creation of a network of internal roads.
As expected, the realization of the grandiose idea will begin in the near future.
It is worth noting that mixed-use real estate is gaining popularity all over the world. Cyprus is no exception!
However, unlike other European countries, the island country has something to aspire to. Despite the fact that globally the trend towards mixed-use development is growing, Cyprus has yet to take a number of important steps to promote such projects. Nevertheless, there is a demand for them.
By the way, the main idea in such projects is to move away from the usual zoning of the area and let each part of the overall project reinforce the others. For example, a residential or hotel complex can be combined with a shopping center, health infrastructure, exhibition halls. At the same time, investors willingly put their money into such projects because they see the prospects they offer.
