The situation as it is in Makariou, after the approval given for the temporary free passage of private vehicles, began to cause problems in the field of investments in the renovated central boulevard of Nicosia. Specifically, the ATHEX Papaellinas Group announces in writing the freezing of its investment plans on Makarios Avenue and specifically of three large commercial stores. The decision was led by the Group, as mentioned in the announcement, “the uncertainty about the impact on the historic center of the capital and the concern of the possible perpetuation of a particularly problematic situation”.
This development is confirmed by the report of Politis.com.cy in relation to the voices and concerns that prevail and are expressed by various bodies in relation to what is to be born.
The announcement of the ATHEX Papaellinas Group is as follows:
ATHEX Papaellinas Group: Freezing of its investment plans on Makarios Avenue
Suspension of the creation of three commercial stores
The ambitious – and pioneering for the Cypriot data – renovation project of Makarios Avenue in Nicosia, signaled a bold intervention to upgrade the functionality of the city center and the quality of life.
At least that is what the approved study of the project foresaw, in contrast to what is happening today. The recent change of the original design, with the one-way and free passage of vehicles and the consequent conditions of lawlessness and insecurity of pedestrians, radically and negatively changes the data of value performance of the project to the citizens.
In this context and evaluating the latest developments, the ATHEX Papaellinas Group decided to freeze its investment plans on Makarios Avenue.
It is noted that the presentation, by the Municipality, of the initial design of the Renovation of Makarios Avenue, foresaw a modern road that would enhance the sustainable mobility of the urban center. On this basis, the Group had drawn up a large investment plan that included the creation of three commercial stores: two of them would belong to the Beauty Line and Holland & Barrett chains, and the third would concern a new cosmetic store project. Makariou Avenue would be enriched with commercial spaces of high aesthetics, with innovative services and a holistic customer service experience. The doubt that has arisen about the final character of the project due to alteration in the implementation of the initial study, the uncertainty about the impact on the historic center of the capital and the concern of possible permanence of a particularly problematic situation, have led the Group to this decision.
