Mediterranean Investments Holding (MIH), in which the Corinthia Group has a 50% stake, has signed an agreement with the Economic Development Real Estate Company of Libya for the development of a 40-storey tower on the Tripoli seafront in Libya, a press release said.
Medina Tower, the name given to this proposed high-end development, will be constructed over 12,500 square metres of land adjacent to other high-rise developments.
The project will comprise 180,000 square metres of floor space spread over 40 floors above ground level and four levels of underground parking. Medina Tower will feature 336 apartments for sale, 26,000 square metres of office space for rent, 22,000 square metres of commercial, conference and food and beverage facilities, and 24,000 square metres of underground parking that will cater for up to 850 car parking spaces.
MIH will inject 26 million euros as its share capital contribution to 50:50 joint venture company, Medina Tower Ltd which will own the land and which will be used for the proposed development.
Concurrent to registering the new company in Libya that will own and develop the project, discussions are proceeding with contractors for the construction of the foundations that should commence in the coming weeks. MIH said.
MIH is a joint venture between the Corinthia Group and the National Real Estate Company of Kuwait.
The Libyan capital Tripoli is witnessing these days many towers that being constructed and are already changing the looks of the city.
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