Developer Stivala Group has signed a memorandum of understanding with Townsquare to purchase, develop and sell its 28-storey residential tower in the heart of Sliema.
ST Group chairman Micheal Stivala and a spokesperson for Townsquare Sliema Ltd both confirmed that the MOU had been signed but could not provide details as the parties were bound by a non-disclosure agreement.
News about the agreement first appeared on whoswho.mt.
Townsquare Sliema Ltd is a joint venture between the Ganado, Gasan, Soler and Trapani-Galea families.
Carmelo Stivala Group Limited is the property holding company of the Stivala Group. The operation of owned properties is subsequently undertaken by other Group Companies, namely, ST Hotels Limited and ST Properties Limited which has been operating in property development and real estate since 1979.
A spokesperson for the company behind Townsquare, which includes a 27-storey tower, said the agreement had been signed with “a potential buyer to discuss the sale of its proposed residential tower”.
Stivala, however, confirmed when contacted by Times of Malta that the agreement covered the development of the residential tower and its eventual sale. He said the non-disclosure agreement bound him from giving details but admitted that “large figures” were involved.
The 28-storey tower will include 159 apartments, offices, retail and food and beverage areas was given the Planning Authority’s green light last year after its previous permit issued in 2016 was revoked following appeals by the Environment and Resources Authority (ERA), Sliema local council, Din L-Art Ħelwa, Flimkien Għal Ambjent Aħjar (FAA) and other eNGOs.
This forced developers to go back to the drawing board and reduce the height of the planned tower.
The Townsquare project covers an area of 12,000 square metres of private land, with around 7,500 square metres of public open space. The project will also see the restoration of the 19th Century Villa Drago, open-air shopping, food and dining, along with underground public and residents’ parking.
According to the developers, the area will become the largest pedestrian zone in the town centre and has been redesigned to include more greenery and a landscaped rear garden.
Sociological studies carried out as part of an Environment Impact Assessment on the project found that public perception to the project remained “generally negative” despite the changes, and that fears over its effect on the community had actually intensified among Tigné residents.
The studies found that reactions to the project were more positive among young people and recently arrived foreign residents.
Traffic is expected to increase by around 21 per cent over current levels, with an average of 2,569 additional car trips along Qui-si-Sana on weekdays, down from 3,500 with the original plans.
Earlier this year, its planning application was filed for a lifestyle business hotel in a building previously earmarked for office space adjacent to the main tower was validated by the Planning Authority.