The Cabinet on Wednesday approved the licensing of "Limassol Mall," bringing to an end a lengthy process of discussions, consultations and significant opposition.
According to InBusinessNews, the Cabinet resolved the battle between two rival consortiums seeking to develop shopping malls just 300 metres apart in the same area, approving one proposal while rejecting the other.
As a result, Limassol is set to gain a new shopping mall in the coming years, despite strong objections raised on several fronts, particularly over the worsening traffic congestion already affecting the area, as well as concerns from shop owners who argued that the project could damage retail activity across the city.
The project will now proceed to the next stage of assessment by the Department of Town Planning and Housing, while developers will also be required to comply with a number of conditions and compensatory measures. The final form of these requirements has not yet been made public.
According to information obtained by Politis, a key factor behind the Cabinet's decision to grant approval through an exception procedure was the recent progress made on the Agios Athanasios Avenue regulatory plan, which directly borders the proposed development.
The advancement of that project appears to have altered traffic-related considerations in the area, although no specific timetable has yet been announced for its implementation.
The road project has been a long-standing priority for the municipality for more than 20 years. It involves the construction of a four-lane road linking the roundabout with the coastal avenue.
The developers
Limassol Mall is being developed by the Papantoniou Group together with a consortium of Cypriot companies that own Nicosia Mall.
The consortium includes major business groups such as:
- Zorbas Group
- PHC Group
- Athienitis Group
- VLM Group
The mall will be built on vacant plots at the entrance to the Agios Athanasios industrial area, adjacent to Jumbo.
The competing proposal that failed to secure approval concerned a project branded "The Mall of Limassol", owned by Atterbury Europe.
The proposed site was located within the Municipality of Limassol, in the geographical boundaries of the Municipality of Amathounta, on land adjoining Spyrou Kyprianou Avenue.
Atterbury Europe is the owner of both Mall of Cyprus and Mall of Engomi.
What it will include
The development will comprise:
- One basement level
- Ground floor
- Mezzanine level
- Two additional floors
The project will feature 28,434 square metres of leasable space, while the total covered area, including underground parking facilities, will reach 76,392 square metres.
Plans provide for:
- Around 90 retail units
- Six large kiosks
- Two restaurants
- Two cafés
- A large food court with seven additional restaurants and seating capacity for 500 people
- A cinema complex with five screening rooms
- An electronic games and entertainment centre
- 1,270 parking spaces
- Supporting and auxiliary facilities required for the operation of the development
A number of modifications were made during the licensing process and are expected to be presented at a later stage.
