**Old GSP Redevelopment Moves Ahead as PHC Wins Tender for Landmark Site**
The redevelopment of the old GSP stadium in Nicosia is progressing as PHC Ltd has been awarded the contract to operate five commercial units at the site. This initiative aims to transform the former stadium into a vibrant hub for dining, retail, and public services, with plans for cafes, restaurants, and shops to open in the near future.
Nicosia Mayor Charalambos Prountzos expressed his optimism regarding the project, stating that he hopes the redevelopment will establish the old GSP as a prominent destination within the capital. "This is an important step in revitalizing the area and providing new opportunities for residents and visitors alike," he commented in an interview with the Cyprus Mail.
The municipality announced that the concession was granted to PHC following a competitive open tender process. Under the terms of the agreement, PHC will have up to 12 months to activate the contract. The commercial units are expected to primarily host food and beverage businesses, alongside retail outlets, contributing to a diverse offering for the community.
PHC Ltd is recognized as Cyprus's largest restaurant and cafe operator, managing well-known brands such as Pizza Hut, KFC, Burger King, Wagamama, Caffe Nero, and PAUL. The concession for the five premises within the redeveloped old GSP will initially last for 10 years, with the possibility of extensions that could extend the agreement to a maximum of 25 years.
If no appeals are filed with the tender review authority, the contracts are anticipated to be signed in the coming weeks. Following this, interior works at the site are expected to commence shortly thereafter.
The redevelopment of the old GSP stadium is part of a broader initiative to regenerate the area. The stadium, which ceased operations in 1999, was demolished in 2017 as part of plans to transform the site into a new public space for the capital. Alongside the commercial units, the redevelopment will also include a citizens’ service center, which is projected to open by next year.
This project is seen as a significant move towards enhancing the urban landscape of Nicosia, providing new amenities and services to the local population while also attracting visitors. The successful implementation of this redevelopment could play a crucial role in revitalizing the surrounding area and fostering economic growth.