New phase in plan to 'regenerate' part of Gżira

Demolition works have started at the former car showroom at the lower part of Testaferrata Street, Gżira, to make way for a 2,000 square metre office and retail building.

Developed by Global Capital, the high-rise building will be the company's first milestone in its planned regeneration of the area.

The adjudication of tenders is under way to build another high-rise, of which Global Capital is the major shareholder. The Metropolis Plaza, situated in Enrico Mizzi Street and covering some 7,000 square metres, will consist of residential apartments, villas, penthouses and office and retail units.

The project was given the green light by the Malta Environment and Planning Authority, following the submission of technical reports and studies.

Construction is expected to start as soon as Mepa grants the company a full development permit.

Ian Zammit, president insurance and property division, said Global Capital's vision for Testaferrata Street and Gżira was to regenerate the area and to transform the existing unhealthy state of neglect.

"The mixed use developments we have embarked on, together with others in the pipeline, will provide a strong injection of economic activity into the area, leading to the creation of new residential and commercial communities. Our projects are intended to boost the overall image and activity in this area," he said.

Global Capital's property portfolio includes a 5,000-square-metre site in Croatia, earmarked for the development of 63 seafront units. The group will also acquire a number of highly luxurious apartments in the heart of Buenos Aires, Argentina, and owns properties in Sofia and Varna, Bulgaria, Rome and Barcelona.