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Old Naval Grounds project date set

Old Naval Grounds project date set

GROUND-breaking will take place immediately after National Day celebrations on a new project bringing a high-end residential and office development and double the parking that was lost to the Commonwealth Park. Subject to the approval of the DPC, the demolition of the existing structures will start after Gibraltar National Day this year with construction to follow immediately thereafter at the Old Naval Grounds site. The Government has confirmed that agreement has been reached with Commercial Developments Investments Limited. They are the company that were granted a development licence by the previous GSD administration to develop residential, office and commercial premises as well as a car parking facility in an area of over 11,300 square metres. The Government has confirmed that in Opposition they had been highly critical of that agreement as they considered it sold Crown lands for well below its true market value. The Government says that in their negotiations they sought to procure a better value-for money development for the taxpayer, particularly as this area is such a prime location. They now confirm that 3000 square metres have been returned to Government by CDI under the new agreement. The Government has also now procured that as part of its obligations under the development agreement, CDI will construct a multi-storey car park to accommodate large coaches, mini-coasters, taxis and provide for a further 1000 car parking spaces for the general public. The area returned as part of the re-negotiation, at the southernmost end of the development, is planned to provide a dedicated green area in the heart of the city in continuation of the style of Commonwealth Park. Chief Minister Fabian Picardo said: “The Government is pleased to have successfully concluded its re-negotiations with CDI and extract and deliver better value to the taxpayer. “We are providing double the amount of car parking spaces that were previously available at the now magnificent Commonwealth Park as well as an additional green area that will link up to Commonwealth Park via the King’s Bastion Leisure Centre. Driving a hard bargain in the interests of our Community is the right thing to do.”

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