On Tuesday, September 10, 2024, contracts were signed for the construction of the "Revitalization of the Inner Perimeter Arc of the Moat – Phase A" project. The construction is set to begin in mid-January 2025, with an expected completion time of 20 months. The project budget stands at €8,155,831.50 plus VAT.

According to a statement from the Municipality of Nicosia, the project aims to rejuvenate the urban environment and promote entrepreneurship by improving conditions for commercial and other economic activities. Additionally, it seeks to enhance the quality of life for users by upgrading the built environment and services provided.

The Municipality clarifies that the project involves the complete redevelopment of Konstantinou Paleologou Avenue, located on the Venetian walls of Nicosia’s old town. The eastern boundary is Archbishop Makarios II Square near the "Podocataro" parking lot (Kolokasi Gate), and the western boundary is Eleftheria Square. The project also includes the beautification of facades of adjacent private buildings on the northern side of the avenue along the entire length of the project.

This project falls under the Integrated Spatial Development Strategy (ISDS) for the Urban Area of Nicosia 2021-2030 and will be implemented within the framework of the Cohesion Policy Program “THALEIA 2021-2027,” co-financed by the EU.

The contract was signed by Nicosia Mayor Charalambos Prontzos and Despina Chryssochou on behalf of the contracting company, CYFIELD CONSTRUCTIONS LTD.