The Tallest Tower in Limassol Remains Unutilized

Despite having secured a building permit from the previous Limassol municipal council, the plan to construct the tallest tower in Limassol appears to be in limbo. The project, named Aura, is set to be a 181.5-meter tall, 44-floor skyscraper located on the seafront where the former Debenhams Olympia department store once stood.

 

As part of the CTC Group’s strategy to reduce its bank obligations, the building was sold to the Bank of Cyprus. Construction work ceased in September 2022, and since then, the development has not attracted any investment or utilization.

 

The project received a positive environmental assessment in 2018, which included a series of conditions and requirements. Situated within the administrative boundaries of the Limassol municipality on 28th October Avenue, the project site is approximately 11 meters above sea level and about 80 meters from the coastline.

 

The site currently hosts the Debenhams Olympia department store, which includes a covered parking area, a basement parking level, and two above-ground parking levels. Additionally, there is an open parking space at the northern end of the property.

 

Following the demolition of the existing structures as part of the development plan, the site will be prepared for the construction of Aura, which will feature:

• 136 residences
• Mechanical facilities on floors 1, 3, 13, 29, 43, and 44
• A linear park (including a plaza, public green space, and accessibility facilities for people with disabilities)
• Reception areas, restaurants, shops, and recreational services in the basement (public park and 2nd and 3rd floors)
• Four floors of parking spaces
• Storage areas on basement levels 1-4

 

Access to the project site will be possible via 28th October Avenue, Mavromichali Street, Kyrenis Street, and Andreas Zaimis Street, which will traverse the development.

 

source: https://www.stockwatch.com.cy/