Nicosia municipality on Wednesday invited tenders for a makeover of the old GSP stadium that will enhance efforts to upgrade the historical centre.
The proposed project in the heart of the capital includes an urban square, green spaces, recreation areas and underground parking for 570 vehicles.
The underground parking will serve both the project and the urban centre more generally, including commercial areas within the walled city, the municipality said in an announcement.
“It is considered of decisive importance to revive old Nicosia and to enhance sustainable mobility through the use of small Nicosia buses, which start off there,” it added.
The project’s budget is for €19.72 million, plus VAT, and includes construction and ten years of management. The project is expected to take two years to complete.
It is eligible for co-financing from the EU’s cohesion fund, the state budget and Nicosia municipality under the 2014–2020 programming period.
Wednesday’s announcement is a further step on a long road on how to best utilise much-coveted unbuilt space in the centre of the capital which has primarily served as a giant parking lot since the GSP relocated to outside Nicosia.
Previous ideas, including proposals for a boutique hotel and retail shops, were ditched in favour of open spaces for public use.