The well-known Makarios Avenue stretch in the centre of Nicosia is set to get a new and vibrant addition following plans to construct a huge complex that will house luxury apartments.
According to reports in Phileleftheros on Wednesday, construction firm Cyfield are planning to building a building – said to be between 25 and 30 floors – on the site of the old Bank of Cyprus, which is currently in the process of being torn down.
The construction will lead to the temporary closure of roads in and around the area.
The new building – which will overlook the T junction on the avenue and is situated opposite City Plaza – will host luxury apartments as well as a gym, in-house security, wi-fi and an underground parking.
The old building had been put on sale for €11million by Bank of Cyprus.
Cyfield has opted to go for a housing project as opposed to commercial development due to the ongoing upgrades at Eleftheria Square which will be in direct view of the new building.
Makarios Avenue had been one of the busiest hot-spots in Nicosia but its popularity dwindled following the banking crisis of 2013 coupled with the surge in popularity of old Nicosia.
As a result, many shops, cafes, restaurants and businesses have closed on the avenue. Critics, however, say that the “over-inflated rates for rent” are to blame for its demise.