Major investment announced for Valletta's Old Fish Market (pixkerija) site

Malta Strategic Partnership Projects (MSPP) said Friday that the evaluation of proposals for the highly anticipated regeneration of the Old Pixkerija site in Valletta's lower part has been concluded. Following a competitive bidding process, the bid b

By: independent.com.mt

Oct 05 2024
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Major investment announced for

he proposal includes an initial investment with additional reinvestments over the concession period. This development will breathe new life into several dilipidated buildings, including the iconic Old Pixkerija (Fish Market), some of the Barriera Wharf stores, and the ex-Quarantine Hospital.

The project will not only restore these landmark buildings but will also elevate the area to an upmarket tourism hub, creating a seamless experience for visitors to Valletta's waterfront, the company said.

Apart from the annual lease payments of minimum €360,000, and €592,440 per year in minimum concession payments, over the concession period the project will yield more than €61 million, with additional earnings from berthing fees for the government.

Beyond the direct financial benefits, this private investment is expected to create jobs both during the investment phase and the operational phase, as well as generate an annual economic value of €2.4 million, rising to €5.5 million through multiplier effects.

This project is yet another testament to the continuous commitment to revitalizing neglected sites through private sector partnerships. The regeneration of the Old Pixkerija will not only preserve Valletta's cultural heritage but also boost the economy, create jobs, and contribute to a higher quality of life in the area, the company said.