The temporary handover of Eleftheria Square in June 2021 might seem like a distant memory, but 33 months later, the final bill remains unsettled. Records show that €39.2 million has been disbursed so far, inclusive of VAT.
This marks the inaugural official financial assessment. However, expectations loom that this figure could inflate, given the ongoing negotiations between Nicosia Municipality and the contractor. The latter has tabled financial claims currently under scrutiny.
Beyond this, it’s imperative to factor in the annual cleaning and maintenance costs, which stand at €500,000, unrelated to construction expenses.
The Mayor of Nicosia, meanwhile, clarifies that the funds allocated for construction purposes don’t solely pertain to Eleftheria Square. They also cover the revamp of Omerou Avenue, including parking provisions, and the beautification of Kostaki Pantelidi Street, linking Solomos Square with Eleftheria Square.
Addressing the query regarding payment distribution, the Mayor divulges:
The contractual agreement with the “Miltiadis Neophytou” company amounted to €5.1 million.
The construction outlay for Eleftheria Square, inclusive of a portion of Kostaki Pantelidi’s overhaul, the northern Konstantinos Palaiologos junction, and the northern Stasinou Street segment, totals €23 million, plus VAT.
The overhaul of Omerou Avenue and the construction of the underground parking incurred costs of €6 million, plus VAT.
Negotiations with the contractor are presently underway. Should a mutually acceptable resolution fail to materialise, the contractor retains the right to request the amicable settlement process, to be deliberated upon by the Central Committee for Changes and Claims (KEAA).
Mayor Constantinos Yiorkadjis clarifies, “With the completion of each project, it is expected, as with any project of this magnitude, that the contractor will make claims. It is our obligation to examine all claims without necessarily accepting them solely because we’re examining them.”
In response to another query, the Mayor told Phileleftheros that payments to the architect and their team have ceased following the finalization of the bill preparation procedures.
The Eleftheria Square project stands out for Cyprus and globally, having already clinched three international accolades, the Mayor added.
“The renowned architect Zaha Hadid, considered one of the greatest of the 21st century, created the beautiful bridge and extensive park at the trench level, which starts from Solomos Square and ends at Davila parking, forming a beautiful green walkway with squares, water features, planted lawns, tree lines, and playgrounds. Simultaneously, she smoothly connected the various sections of the trench with each other and with the city level and surrounding streets. The project as a whole becomes the focal point of the capital, a crucial connection point of the historic walled city,” the Mayor concluded.