Construction work on Metropolis Plaza, the €60-million mixed-use lifestyle development in Gżira, is to begin "no later than the third quarter of this year", Metropolis Developments Ltd managing director Christopher Pace told The Times Business. The Malta Environment and Planning Authority gave the project the green light last March.
Metropolis Plaza, which includes three high-rise buildings of 13, 27 and 33 floors, will feature the tallest building currently being developed on the island. The project includes luxury residential, commercial, health, fitness and leisure facilities, and 500 underlying car spaces.
Plans feature 4,000 square metres of office space on two of the lower floors, and a 2,000-square-metre piazza. Residential units include one-, two-, three-bedroom apartments, penthouses and duplex penthouses, and sky villas.
Last year the developers said the project would be injecting close to €60 million into the local economy, taking into account construction, finishing, consultancy and technical expertise.
The demolition and excavation of the site was completed in 2008 after Mepa granted an outline development permit in June 2007.
Mr Pace said the company was in the second phase of the process to award construction tenders and was preparing to short-list contractors.
He said the South Tower was set for completion 24 months from beginning of construction. The tower was incorporated in the first phase of Metropolis that was launched for sale in November 2007. The developers later said 34 residential units and a number of garage spaces within the tower sold for a market value of €13.7 million within 10 minutes of launch.
Mr Pace said the entire project would be completed within three years after construction kicks off. So far, 35 residential units and 60 car spaces have been sold, he added.
Asked how the project was being marketed in Malta and overseas, Mr Pace said: "The first phase of marketing - being the sale of the South Tower - was a success two years ago, and since then we have put on hold any further phases until construction is well underway. We therefore expect to come out with a second phase some time in 2011.
"Market interest is good but banks locally, particularly HSBC, have been extremely uncooperative and moved the goal posts for this project time and time, again only to decline any assistance going forward. Nevertheless, the company has found private equity and finance to carry on this project to its successful end."
HSBC Bank Malta declined to comment, saying business dealings were confidential.