Tenders for commercial spaces in the redevelopment of the old GSP stadium in Nicosia remained unresolved on Tuesday with businesses eager to invest in the new urban park left waiting.

Four years after the project was first announced, the €27 million transformation of the site is far from complete. The area is set to include cafés, restaurants, a citizen centre, an outdoor amphitheatre and more. However, despite strong interest from entrepreneurs keen to operate in the space, the tender process has yet to move forward.

The tender process, now expected to launch in April, will play a crucial role in determining the future of the redevelopment. Bidders will have two options: apply as a single entity to manage all available spaces, or submit separate bids for individual locations within the complex.

For businesses that have already shown interest – ranging from restaurants and cafés to kiosks and even a car wash in the underground sections – the outcome of this tender will be decisive. However, the process’s delay has left many entrepreneurs in limbo, uncertain when they can begin investing or even secure their desired space.

Even after the tenders are awarded, further delays are anticipated. The premises will be handed over in a “cold shell” state, meaning that businesses will need additional time to customise their spaces. This delay in delivery adds to the uncertainty for entrepreneurs, who are eager to plan their operations but remain unsure of a concrete timeline.

In a site tour last month, finance ministry official Penelope Papavasiliou acknowledged growing frustration over the lack of progress, emphasising the need for strict safety, sustainability and accessibility standards before work can continue.

While the delays have been frustrating, the project remains an attractive prospect for businesses looking to operate in Nicosia’s revitalised city centre. The new park is expected to include a range of commercial opportunities, from cafes to a new citizen centre, and the area’s design includes modern amenities like underground parking with over 500 spaces and electric vehicle charging stations.

The redevelopment also benefits the neighbouring Cyprus theatre organisation (Thoc), with the theatre’s ground-floor restaurant positioned to serve visitors to the new urban space. Meanwhile, the restoration of the historic clock from the old GSP stadium adds to the cultural value of the site.

Despite these promising features, the project’s success hinges on the tender process, which remains the main point of uncertainty.