Walled city of Nicosia being transformed into a business centre

Investment in the regeneration and revitalisation of the city within the city walls is a strategic goal for the Municipality of Nicosia.

Both the new large student residence on the streets of Voulgaroktonou, Arsinoe and Komninos, and other projects, which are in progress or coming up, are anticipated to give a new face to the centre of the capital and contribute to the increase in activity in the area. These are combined with grant schemes covering business activity, building restoration and conservation, and the acquisition of a residence in the city centre.

Moreover, the projects that have been completed or are in the process of being implemented have created particular interest for residential developments in the downtown area.

The “long walk”

In fact, the projects can be enjoyed while taking a “long walk” encompassing the Municipal Theatre, the new Cyprus Museum, Paphos Gate, the Moat, Eleftheria Square, Costaki Pantelides Street and the pedestrian streets and the upgraded shopping streets of Makariou and Stasikratous.

In more detail, some of the projects that stand out are:

• The transfer of the new town hall to the heart of the city,
• The completion of Eleftheria Square and the unification of the Moat,
• Upgraded and pedestrianised Costaki Pantelides Street and the underground parking lot at Omiros Avenue,
• The reconstruction of streets and landscaping of building facades, in order to upgrade the infrastructure and highlight the special character of the area,
• The strengthening of the cultural infrastructure in the area by ensuring the operation of the Costas & Rita Severis Museum and the creation of the Hambis Municipal Printmaking Museum,
• The purchase and complete restoration of three preserved buildings to strengthen the social services of the Municipality,
• The purchase of two properties by the Municipality which will be converted into student residences,
• The accommodation and operation of the CYENS Centre of Excellence in collaboration with the three state universities of Cyprus, as well as
• The support of the transfer of the School of Architecture of the University of Cyprus to the historic building of Phaneromeni.

With the aim of upgrading Nicosia within the walls, the strategy of the Municipality is based on the beautification of the area in order to protect and highlight the architectural heritage on the one hand and on the other hand, to create incentives to attract new residents.

Below are presented some of the projects and actions that are in progress or planned with the aim of upgrading the aesthetics and the quality of life in the city centre.

Student residences

Next week, construction work will begin for the large student residence, which will be erected at the corner of Arsinoe, Voulgaroktonou and Komninos.

This is a project that will include 50 rooms, one of which meets design standards for people with disabilities.

The new building will house 58 students, while a second student residence (student rooms/apartments) will follow on Aristidou Street.

The project’s budget reaches €3,821,462 plus VAT and it is financed by the EU Recovery and Resilience Mechanism, within the Cyprus Recovery and Resilience Plan. The maintenance/rehabilitation work will take 16 months.

380 student rooms by 2026

New life in the city centre, especially by attracting students, is expected to be given with the student residences that are in the works.

The whole effort is part of a wider plan in collaboration with the Nicosia Municipality and the Ministries of Interior and Finance to attract residents to the city centre.

The grant scheme for student residences/student rooms, with a total budget of €15 million and funding through the Recovery and Resilience Plan, aims at the regeneration and revitalisation of Nicosia Within the Walls.

The object of the sponsorship plan is to provide incentives, in the form of state sponsorship, to property owners or tenants of buildings in the area within the walls of Nicosia, for the renovation/rehabilitation of their properties with the main purpose of converting them into student residences/student rooms.

The main goal of the entire plan is to create 380 student rooms by 2026 in the walled city of Nicosia with the aim of the social and economic upgrading of the area, by attracting students and other relevant investments, upgrading the built environment of the walled city of Nicosia and contributing to the circular economy and green development, through the restoration/renovation of buildings and their reuse, but while also providing rent-controlled housing options to students.

In the medium term, the transfer of the School of Architecture of the University of Cyprus to the Phaneromeni building is also expected.

The face of Trikoupi and other streets is changing

Construction work is in full swing for a major project related to the regeneration of Trikoupi Street, which is expected to be completed in early 2024.

Later, the radical reconstruction of Konstantinou Palaiologou street will follow, as well as the pedestrianisation of Ledra and Onasagorou streets.

It is recalled that at the beginning of 2023, contracts were signed for the construction of the ‘Redevelopment of the Creative Business District Area - Maintenance/Rehabilitation of Views and Redevelopment of Roads - Undergrounding of Public Utility Networks - Phase A1’ Project.

The project aims to upgrade the urban environment and address traffic problems, including facilitating the movement of people with disabilities, with the aim of attracting and establishing new creative activities in the city centre.

The technical works aim at the overall remodeling of the area defined by the facades of the buildings, consisting of the public and private streets (section of Trikoupi Street with the beginning of contracted passages), as well as the public and private pavements. The construction works are aimed at the maintenance / restoration of the facades of the buildings in the area of ​​the project.

Urban planning incentives and arrangements

A series of plans and arrangements which complement each other with the aim of a global approach and substantial intervention of the city, is being implemented by the Ministry of the Interior.

Among other plans announced through the Department of Urban Planning and Housing of the Directorate of Politics, European Affairs, Housing Policy and Human Resources, is the implementation of a Plan for Urban Incentives and Regulations so that buildings remain sustainable.

In particular, the incentives and regulations concern architectural heritage, preserved buildings, "aged buildings", as well as parking spaces.

Face-lifting of buildings in the historic centre

The progress of the beautification and reconstruction works on Trikoupi Street is already evident.

Several buildings are in the process of having their facades restored and beautified.

A total of 52 buildings will be beautified, while the process is ongoing. The change, however, in the facades of the buildings is already noticeable.

Archaeological Museum

Work is continuing intensively on the construction of the new Cyprus Museum, the largest cultural project, which will grace the site of the old Nicosia Hospital.

The state's most important investment in cultural infrastructure is anticipated to reach €144 million in cost.

The Museum, with a total area of ​​30,000 sq.m. (including basements) is being built on a plot of 40,000 m2, in the area of ​​the old General Hospital, opposite the House of Representatives.

The construction work was undertaken by the Iacovou - Cyfield (M) Joint Venture, with the contract providing for a two-year maintenance period and a provision for negotiation for a ten-year maintenance.

The project is expected to be completed in mid-2026, while the contract provides for a two-year maintenance period, as well as an additional provision for negotiating a ten-year maintenance period.

Redevelopment of the Old GSP

Within the first quarter of 2024, the completion of the reconstruction of the area of ​​the Old GSP is set.

The renovation work of the capital's historic stadium started in November 2021 and the project budget reaches €20 million.

The co-financing comes from the "THALEIA" Program 2021-27 and the project is co-financed by the EU Cohesion Fund, the state budget and the Nicosia Municipality, within the framework of the 2021-2027 programming period.

The redevelopment of the Old GSP site includes, among other things, an urban square, green areas, recreational areas, underground parking for 554 vehicles, additional parking spaces: 33 for the disabled and 28 for people with reduced mobility (families), 12 electric charging points cars, with provision for 108 electric cars, cafeteria, restaurant, bookstore, art gallery, amphitheater and square.

This is how Nicosia within the walls will become a business centre

The second call for applications for the sponsorship project, which aims to strengthen business activity in the city within the walls of Nicosia, was announced last August by the Interior Ministry’s Department of Urban Planning and Housing.

The sponsorship plan, which is part of the action plan for the regeneration and revitalization of the city within the walls, concerns the provision of financial support and is addressed to natural or legal persons, owners, tenants or lessees of buildings (with the signed consent of the owners or the Guardian of Turkish Cypriot Properties,) who carry out or will carry out economic activity, for the purposes of strengthening business activity, in the area within the walls of Nicosia.

The total amount that will be allocated for the needs of this call for proposals amounts to €10 million for the period 2022-2026 (€2 million per year), while the project is financed by the state budget.

The grant amounts to 60% of eligible costs, with a maximum financial assistance of €80,000 per project and a maximum renovation cost of €1,400/sq.m. for listed buildings/ancient monuments, but also €10,000/sq.m. for other buildings.

The plan aims, among other things, to attract new businesses to selected areas within the walled city of Nicosia, whose activity is pre-defined and permitted, but also to encourage existing businesses to move to the plan's application areas.

Desired uses are the priority uses as listed in the Nicosia Centre Area Plan (services, professional offices, cultural centers/venues, creative professions businesses, retail trade, mild recreational uses).

Special emphasis is given to business activities that mainly concern the youth, students, young professionals and residents (innovation centres, creative professions businesses, bookstores/copy centers, gyms/studios, kindergartens, pharmacies, offices, commercial stores, electronics stores , domestic and international courier services, fruit shops/small supermarkets, hairdressers/beauty salons/barber shops), but do not already exist as a majority of business activity in the designated area (cafes, restaurants, etc.).

Acquiring a home in the walled city

Applications are being submitted for the Nicosia Walled City Revitalisation Housing Plan, which provides financial support for the acquisition of a privately owned home for permanent ownership in the walled city of Nicosia.

The Scheme, which is financed by the state budget with €5 million, will remain open until 31 December, 2025 or until the available budget is exhausted, while the aid amounts to 50% of the total expenditure for the acquisition of a residence, with a minimum total of spend €20,000.

Maximum financial support varies from €35,000 to €70,000, depending on the composition of the family, while additional help of €10,000 is offered for people with disabilities.

Beneficiaries of the Scheme are Cypriot citizens or citizens of a member state of the European Union, who have permanently resided in Cyprus for the last five years or repatriated Cypriot nationals, who have permanently resided in Cyprus for the last two years and acquire a residence that they will use for their own residence, provided that did not own, on the date of submission of the application, another private residence.

(Source: InBusinessNews)