Malta-based Mediterranean Investments Holding has restarted its preparatory work on the €300m Medina Tower in Tripoli.
The work was brought to an abrupt halt by the uprising in Libya, but the company has now reconvened the project team to get the project going again.
"The directors are of the opinion that the opportunity for the Medina Tower project has increased significantly post the conflict period and are currently evaluating ways of enhancing the feasibility of the project," the company said.
Medina Tower has been conceived as a 40-storey mixed-use development.
The brainchild of MIH - the company established by Corinthia Group in 2006 to pursue landmark real estate projects in Libya - Medina Tower will take four years to complete.
With total gross space of 200,000 square metres on Tripoli's main boulevard adjacent to the imposing Corinthia Bab Africa hotel, Medina Tower is aimed at being a pioneering concept for Tripoli - besides being the first mixed-use development, it will feature Tripoli's first real shopping mall, and boast the city's first high rise apartments.
The high-end development will incorporate 58,000 square metres of residential space for sale, 23,000 square metres of office space, 8,200 square metres of retail area, 7,000 square metres earmarked for food and beverage outlets and leisure facilities including a spa and a gym, 5,000 square metres of conference and exhibition space, and 33,000 square metres of underground parking on four floors.
Medina Tower is MIH's second project in Libya following the development and ownership of the hugely successful Palm City Residences, the luxury village in Janzour.
MIH said that notwithstanding the mammoth challenges it faced during the troubled months of the uprising, Palm City remained intact with very minimal damage.
During the uprising Palm City Residences remained open and operational, albeit with reduced personnel commensurate with the level of operations, allowing it to generate sufficient revenue to meet the on‐going operational expenses and overheads and ultimately resulting in generating an operating profit in exceptional circumstances.
"PCL has now geared itself up again to the level it was prior to the conflict so as to maximize on the business potential and in anticipation of a considerable influx of tenants in a short and possibly very pressing time frame," the company said.
(Source: Times of Malta)