Michael Stivala submits highest bid for Pixkerija rehabilitation at €38.5 million

Last Updated on Thursday, 31 August, 2023 at 9:28 am by Andre Camilleri

Michael Stivala, CEO of the Carmelo Stivala Group and President of the Malta Developers Association, is now in the lead in the bidding for the rehabilitation of the Pixkerija, an old fish market site in Valletta.

Stivala currently has the highest bid at €38.5 million.

Pixkerija is located in Barriera Wharf, Valletta. The site that the Carmelo Stivala Group is bidding for consists of the Pixkerija itself and three Pinto stores as well as the former quarantine hospital. All of these areas are classified as Grade 1. The area fronting the buildings and the seashore along with the building currently housing the Ministry for Energy, Enterprise, and Sustainable Development are also included within the site.

The call for proposals is for a 65-year concession and was issued in March 2023 with an initial minimum investment of €18 million.

Bids were to be submitted by 9:30am on Wednesday. Amongst the other bidders is Bonnici Brothers Ltd, which submitted one bid for €242,435 and two others with a value listed as nil.

The Malta Strategic Partnership Projects Limited, a government-owned company, was entrusted with conducting this rehabilitation project. It said that environmental considerations throughout the process are important and form part of the requirements in the request for proposals. The MSPP said that this project forms part of the Government’s commitment to regenerate Valletta by reconciling the conservation and maintenance of the capital’s historical fabric through the process of transforming cultural and historic sites such as the Pixkerija into a sustainable environment.

In order to minimise the visual impact of development works, printed hoarding is required on-site. Applicants were also invited to propose environmental and social measures to enhance areas of Valletta, which would also be funded by the applicants themselves.

It is expected that €2 million of annual tax revenues will be directly generated and will rise to €4.6 through multiplier effects.

The Government should make circa €615,000 per year through the ground rent and concession fee as well as other variables.

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