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Stephanis is preparing for an investment of €17.7 million

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Submitted study for mixed commercial and residential development on Athalassa Avenue – early 2024 work to begin

Για επΕνδυση €17.7 εκατ. ;τοιμàζεται ο Stephanis

The 1st phase concerns the underground and ground floor parking spaces and the commercial development, the “Stephanis Electronics” store and the 2nd the development of 41 apartments.

Alexandros Stephanis & Co ltd, an investment estimated to cost 17.7 million euros, as stated in the environmental impact assessment study submitted by the company to the Environmental Authority, for which it has received a positive opinion. The commercial development will consist of two levels of showroom and warehouse space plus the mezzanine. The residential part of the development will consist of 10 levels and an additional level of ancillary uses such as a communal terrace, swimming pool, bar, barbecue area and gym for the needs of the residents of the residential development.

It is estimated that the construction works they will begin in January 2024 and last approximately 24 months, until January 2026. The development is planned to be implemented in two phases:

• Phase 1 covers the underground and ground-level parking areas and the commercial development , the “Stephanis Electronics” store.
• The 2nd phase concerns the residential development of 41 apartments, and the common areas and uses.

The proposed development will have a height (at its highest point) of approximately 57 meters from street level and approximately 60 meters from the height of Athalassa Avenue, located to the north of the plot under study.

In addition, in the northern part of the plot under study, a substation of the Cyprus Electricity Authority and a special area for the passage, installation and maintenance of cables will be installed, in accordance with the requirements of the EAC. Within the plot under study there is a parking area which occupies most of the development area.

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In detail, the residential part of the development will have

– Parking spaces (64 spaces)
– Warehouse (42 spaces)
– Generator Area
– Electromechanical Facilities
– Bar
– Swimming Pool
– Common Areas (terrace, grill
– Gym
– Mechanical Room
– Restrooms/Changing Rooms
– Anthones

It will have five apartments on each floor

– 2 1-bedroom apartments
– 2 2-bedroom apartments
– 1 3-bedroom apartment
– Mechanical Space

On floors 7 and 9 it will have five apartments on each floor:
– 1 1-bedroom apartment
– 2 2-bedroom apartments
– 1 3-bedroom apartment
– 1 3-bedroom maisonette (one per 2 levels)
while levels 8,10 and 12 will have
– 4 Apartments on each floor
– 1 1-bedroom apartment
– 2 2-bedroom apartments
– 1 3-bedroom apartment

On level 13, it will have a 3-bedroom maisonette and a private terrace and swimming pool. Photovoltaic systems will be installed on the roof of the building. As stated in the study, a key element of the engineers' plan is the utilization of RES and the goal is to cover up to 25% of the project's energy needs from photovoltaics.

In total, the proposed development will include 157 parking spaces. of which 15 will be configured for use by people with disabilities. It is noted that no additional parking spaces will be created for public use.

Source: www.kathimerini.com.cy

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