Within the next few months, the construction of the tallest office building in Limassol will begin on Makarios Avenue. This is the Neocleous Tower, by A. Neocleous Holding. The environmental study for the project was recently examined by the Environmental Impact Assessment Committee and the issuance of a permit is expected shortly. The mixed use tower will consist of 25 floors and 4 basements, with 110 parking spaces. The development will include a cafeteria, a business center/club, a gym, apartments, gardens, a multipurpose hall and a reception hall. Floors 22–25 will serve engineering purposes and the roof of the building will have a slope of 42 degrees, creating a curve that will allow the installation of photovoltaic panels. The height of the building will be 120 meters with an estimated cost of €24 million. Construction work is estimated to take 2.5 years.
In the meantime, the construction of three towers is planned on the coastal part of the old LOEL factory in Karnagio, which was acquired for €33 million by Melkor Holdings. The Chinese company submitted an application to Limassol Municipality for preliminary views and then to the Environmental Department for the environmental impact assessment study. After consultations with the Planning authority, the company removed a total of 18 floors from the three towers, reducing the total number of apartments from 609 to 497.
Therefore, the investment, under the name Loel High Rise Residential Project, will include three residential towers of 35, 31 and 31 floors, with green spaces, swimming pools and gyms, event and exhibition spaces. In addition, a six-storey public car park with 875 spaces will be constructed. Within the plot area of 32.271 sq.m. there are building facilities (offices, warehouses, bottling area) some of which will be restored. In the same area, Russian investors are preparing a huge investment in the SODAP property, which they acquired from Altamira.