Newsroom
The owners of the CITADEL project, Nerofarm Ltd., have issued a statement clarifying their position in response to media coverage regarding the development in the Palouriotissa area. The company has condemned populism and opportunism for obstructing what they describe as a legitimate development initiative.
Full statement:
The proposal for the development of this property was made with the aim of revitalizing a neglected area of Nicosia, with its historical significance being one of its key assets. Our investment includes several complementary projects for the local community, all designed to enhance the capital while respecting the area's cultural heritage.
Furthermore, the starting point for our decisions was the call from the Republic of Cyprus and statements by officials stressing the need to transform Nicosia into a dynamic city that would attract investment. Unfortunately, in practice, these announcements have proven to be empty promises, as the relevant departments have not only hindered investment projects but have also created an environment of populism.
Our interest was sparked by the incentives and specific development frameworks that had been previously outlined by the Cypriot government to encourage economic growth. We have since engaged in consultations with the Municipality of Nicosia, which, although productive, became drawn out due to various external factors.
Chronologically, building on the preliminary opinions from the technical department in 2018, we submitted two proposals based on clear urban planning parameters. Given the area's unique characteristics, we commissioned a world-renowned architectural firm specializing in projects located within historical and archaeological centers, with the goal of applying modern architectural and urban planning standards. Despite our willingness to collaborate, the Department of Antiquities repeatedly refused to meet with our consultants, leading to significant delays and loss of resources.
As investors, despite this negative experience, we remain dedicated to our goal of upgrading both the area and Nicosia as a whole. However, the lack of meaningful dialogue and ongoing delays are now forcing us to consider the possibility of legal action, particularly given the reassurances we received in previous years. We do not seek any special treatment, but rather the implementation of the law, which would allow us to proceed with a project that will transform the area while also highlighting the Venetian Walls.
In the interest of full transparency, we will hold a press conference next week to provide an update on the progress of the project and share our broader vision for the area.
