Alexandros Stephanis & CO Ltd is planning a significant investment in the Athalassa Avenue area, particularly in the parking space adjacent to the company's store.

According to the Environmental Impact Assessment Study submitted to the Environmental Authority, which subsequently greenlighted its implementation, the proposed project involves constructing and operating a mixed commercial and residential development. This development will consist of two sections, complete with both ground-level and underground parking spaces.

The commercial part of the development will include two levels of showrooms and storage areas, plus a mezzanine. The residential part will comprise 10 levels of apartments and an additional level for supplementary uses, such as a communal terrace, swimming pool, bar, barbecue area, and gym for the residents.

Additionally, road construction works are planned within the plot for the project, including the creation of a public road (Demokritou Street, which will connect with Othellou Street). In the northern part of the plot, a substation for the Cyprus Electricity Authority will be installed, along with a dedicated area for cable laying and maintenance.

The proposed development will stand approximately 57 meters tall from the road's level to be constructed on the southern part of the plot and about 60 meters from the level of Athalassa Avenue in the north.

It is noted that, due to the topographical difference in the development plot and the project's proposed design, one underground level appears to be created at the northern end of the project, while two underground levels appear at its southern end.

The project owner states that the development will be modern, high-quality, and expected to integrate into the immediate area's built environment. It will also offer public green space, complete a seemingly unfinished road, and increase the number of residential units in the area.

Furthermore, the project owner aims to improve and upgrade the area, utilizing land that can be considered in need of both structural and visual enhancement.

It is worth mentioning that the area where the development will be constructed currently has a parking space, which will be demolished before the project's implementation.

According to the information, a significant feature of the development is the installation of a photovoltaic panel system on the roof of the proposed building and vertically on the south facade of the building up to the level of the mezzanine, and on the canopies of the external ground-level parking spaces, covering a total area of 1187 sq. m.

Construction works are expected to start in January 2024 and be completed in January 2026 (lasting about 24 months). The development is planned to be implemented in two phases:

• The first phase involves the underground and ground-level parking spaces and the commercial development (Stephanis Electronics store).

• The second phase involves the residential development of 41 apartments, along with related communal spaces and uses.

It is also noted that the project includes, among other things, the construction of one, two, and three-bedroom apartments, as well as other communal spaces such as a bar, swimming pool, and gym.

As mentioned initially, the project owner is Alexandros Stephanis & CO LTD, with an estimated cost of €17.7 million.