It is called “Poseidon” and is a residential development of nine floors consisting of 13 apartments, a basement and a ground floor parking with 21 private spots.
The proposed project is within Limassol’s local town planning and located in the administrative boundaries of Ayios Tychonas. East of the designated plot is Caravel Hotel, while iHome development of DTA is to the north.
“Poseidon” is estimated to cost about €4.5 million, and before construction begins an apartment complex which has been abandoned since 1980 and is a derelict will have to be demolished.
The 42.5 metres high “Poseidon” will include two-bedroom, three-bedroom and maisonette/penthouse apartments which are designed at the highest standard. It will also have a fitness centre and an outdoor pool for residents and their guests. Construction work on “Poseidon” is expected to resume before the year’s end and completed by 2021.
Behind the project is Vassos Makrides Estates Ltd which has just got the ‘green light’ from the Environment Department for yet another project – ‘Orion’ – in the Nicosia suburb of Engomi.
This project provides for the creation of two towers adjacent to Hilton Park Hotel, consisting of 16 floors each, and with a total of 86 apartments. When this development is completed, it is estimated that some 180-220 people will be residing there.