The tender adjudication process for the Msida Creek project has been completed, the Infrastructure Ministry said, with a bid by EPE JV consortium selected.
Transport minister Chris Bonett said in a statement that works will start in the coming months and end in some 30 months. The contractor will be bound by a maintenance contract for 10 years.
The project will replace the traffic light junctions with a flyover.
IM said the project's design will also facilitate alternative modes of travel, including cycling and walking.
"Around 60% of the Msida Creek Project will be dedicated to open public spaces, creating a more pleasant environment in the centre of this locality," it added.
The new open spaces will include a 2,200 metres squared piazza in front of Parish church and a seawater channel, the latter also forming part of a plan to prevent flooding. This 300-metre channel will be surrounded with pathways in a landscaped area designated for recreational facilities.
Last November Infrastructure Malta said it had received offers from three consortia: EPE JV – €34.7m; Shining Star Infrastructure and Construction Ltd - €49.7m and RM Construction Ltd – €40.8m.
Shining Star was the company that handled the Marsa junction project. It is owned by Turkish construction magnate Robert Yildirim.
RM Construction was formed between Bonnici Brothers, Schembri Infrastructure and Asfaltar Ltd.
EPE is a joint venture of Polidano Group, Electrofix and E&L Enterprises.