Alexandros Stephanis & Co plans new residential and commercial development

Alexandros Stephanies & Co Ltd plans to invest some €17.7m on a residential and commercial development in the capital's Strovolos Municipality. 

The project has two phases: the first involves work on the ground floor and underground of Stephanis Electronics store in Strovolos, while the second is a 41-flat residential building and its amenities.

The commercial part of the development will consist of two levels of showrooms and storage spaces and a mezzanine, while the residential part will consist of 10 levels of apartments and an additional level of complementary uses, such as a communal terrace, a swimming pool, a bar, a grill area and a gym for the residents.

The project will be built where the parking lot is next to the Stephanis shop. The wooden building used as an extension of the shop will be demolished.

The company has submitted an environmental study, which has been approved by the Department of Environment; under certain conditions. According to the plans, the tallest point of the building, on southern part of the plot, will be around 57 metres, while the northern part, overlooking Athalassa Avenue, will stand at around 60 metres tall. The difference in height means the southern part will have two underground levels while the northern will have one.

The design is modern, high-end and aimed to integrate smoothly with its surrounding environment. It will include a green area, new road and increase the area's residential capacity.

The full specifics:

Underground level (residential development)

- Parking lot (64 spaces)

- Storage (42 units)

- Generator

- Electromechanical installations

Ground level (commercial development)

- Outdoor parking lot (93 spaces) 

- Commercial development's entrance

- Storage space- Sanitary facilities

First floor (commercial development part)

- Carpark for residential development's visitors (six spaces)

- Commercial development showroom

- Storage 

- Offices

- Solid waste collection and processing areas (paper compactor and bin and recycling area)

- Public green area

- EAC substation

- Private green areas

Level 2 (Mezzanine - Commercial development)

- Commercial development showroom

- Storage space

- Mechanical space

Level 3 (commercial development)

- Commercial development showroom

- Storage space

- Mechanical space

Level 4 (residential development)

- Bar

- Pool

- Communal space (veranda, grill)

- Gym

- Mechanical space

- Sanitary facilities / changing rooms

- Landscaping

(Source: InBusinessNews)