Last Updated on Friday, 5 November, 2021 at 11:10 am by Andre Camilleri
Developer Stivala Group has signed a memorandum of understanding with Townsquare to purchase, develop and sell its 28-storey residential tower in the heart of Sliema, Times of Malta reports.
ST Group chairman Micheal Stivala and a spokesperson for Townsquare Sliema Ltd both confirmed that the MOU had been signed but could not provide details as the parties were bound by a non-disclosure agreement.
Carmelo Stivala Group Limited is the property holding company of the Stivala Group. The operation of owned properties is subsequently undertaken by other Group Companies, namely, ST Hotels Limited and ST Properties Limited which has been operating in property development and real estate since 1979.
The 28-storey tower will include 159 apartments, offices, retail and food and beverage areas was given the Planning Authority’s green light last year after its previous permit issued in 2016 was revoked following appeals by the Environment and Resources Authority (ERA), Sliema local council, Din L-Art Ħelwa, Flimkien Għal Ambjent Aħjar (FAA) and other eNGOs.
This forced developers to go back to the drawing board and reduce the height of the planned tower.
The Townsquare project covers an area of 12,000 square metres of private land, with around 7,500 square metres of public open space. The project will also see the restoration of the 19th Century Villa Drago, open-air shopping, food and dining, along with underground public and residents’ parking.