€380m Limassol Metropolis development to attract high tech companies

Limassol Metropolis is planning an integrated and complex mixed-use development in Limassol, aimed at attracting more high tech companies to Cyprus.

More specifically, an Environmental Impact Study is currently under public consultation for the creation and operation of a massive development in the Agios Athanasios area. The study will be submitted to the competent Town Planning Authority as a general spatial planning study.

The project concerns the preparation of a master plan, which will determine the development of this area. The proposed general spatial planning includes the following main uses:

• Schools of higher education
• Schools and boarding schools
• Research and Development Centres
• Residential developments
• Cultural centres
• Business park - Market
• Office space

The Higher Education School is planned to be combined with Primary and Secondary Schools, an Organised Sports Centre and will include Culture and Environmental Enrichment Projects, while the project includes Research and Development Centres (R&D) with High Technology Developments.

It is noted that the individual developments that will be carried out in the area, based on the proposed master plan, will be designed and implemented at a later stage, based on the spatial planning currently being evaluated.

A vibrant community with educational institutions

The proposed project will be located on Nikis Avenue, within the administrative boundaries of the Municipality of Agios Athanasios.

The cost of the entire project is estimated at €379,495,000, approximately.

The purpose of the proposed project is to create an integrated, complex and unified development with an emphasis on Education-Research & Innovation.

This is expected to be achieved through the establishment and operation of a University, various primary and secondary educational institutions, Research and Development Centres, Cultural Centres and other related facilities.

As stated in the environmental study, the vision of the Holy Metropolis of Limassol is the creation of a vibrant community centred on educational institutions and Research and Development Centres.

Attracting high-tech foreign companies

The strategic goals of this project are:

• Meeting the growing demands for high-quality educational institutions and supporting the development of Cyprus as an attractive investment destination for foreign high-tech and IT companies.
• Creating opportunities for strategic collaborations between different entities such as Universities and Research Centres and maximising synergies through shared resources and facilities.
• Decentralisation and decongestion of the urban area, through the creation, to the greatest extent possible, of an autonomous community with supporting uses such as a shopping centre, sports facilities, residential developments and student residences, etc. This comprehensive approach aims to serve the residents and users of the development while absorbing significant activity from the neighbouring suburban areas.

(Source: INBusinessNews)