MIDI is considering roping in the Tumas Group for the Manoel Island project.

The consortium was granted a concession for Manoel Island in 2000 and estimates that the project would cost as much as €500 million.

Under the terms of the parliamentary concession, Midi requires approval if the new partner takes more than 40 per cent of the shares.

The company said in an announcement through the Malta Stock Exchange on Thursday that there were preliminary talks on setting up a joint venture, noting that these would not necessarily lead to an agreement.

The developers are seeking to build an extensive 'Mediterranean village' including a hotel at the historic Lazaretto, apartment blocks, retail outlets, yacht marina, helipad and public plazas.

The developers are also promising 80,000 square metres of new parks and family areas, as well as an arts and culture centre at Fort Manoel comprising galleries, museums, shops, restaurants. Other heritage buildings will largely be retained and restored.

The consortium was granted a concession on Manoel Island to build a large development, including high-end residential blocks, back in 2000 and today estimates that the project will cost as much as €500 million.

The plans have evolved considerably over the years. Around 2010, the company was considering turning Fort Manoel into a 55-suite boutique hotel, and developing a large concert venue on the former military parade ground. Other plans had also included a marina village of low-rise residential units.

The masterplan was drawn up by world-renowned UK architecture firm Foster & Partners. 

Read: Revised masterplan for restoration, redevelopment of Manoel Island published

In 2016, MIDI had announced that the search for investors would begin before the year was through. 

Read: Hunt for Manoel Island investors to start this year - Midi