This satellite view of Valletta clearly shows how well suited the area presently occupied by the Valletta market could be to accommodate a new parliament building.
It is bounded by four streets (something not very common in Valletta) and therefore lends itself very well to an iconic detached building. I can visualise a glass cube -shaped building to contrast with the surrounding buildings and make a very bold statement about Malta's vision for the future. A miniature of the Pompidou Centre in Paris (incidentally also designed by Renzo Piano) if you like but without all or most of the appendages
Parking for parliamentarians and their staff could be provided below ground level
It is conveniently situated very close to the President's Palace and since Merchants Street has been pedestrianised, access from various government offices and the Prime Minister's Office at Castille would be very easy.
On the negative side, this option would result in the Monti having to move but surely an acceptable alternative location can be found for the hawkers.
So how about it Mr Prime Minister? Lawrence Gonzi recently suggested that the decision about where to site Parliament was not cast in stone so perhaps he could pass this idea by Renzo Piano and see what he thinks about it.
According to what is appearing in the local press, it seems clear (at least to all those who want to see) that the majority would rather have the "old" opera house site rebuilt as an opera house or a theatre.
By choosing to have Parliament elsewhere in Valletta, the Prime Minister would be killing the proverbial two birds with one stone...