€38.5m Bid Places Developer Michael Stivala’s Group In Lead For Pixkerija Ownership
Michael Stivala, who serves as the president for the Malta Developers Association, and his Carmelo Stivala Group are in the lead to acquire Valletta’s historic Old Fish Market, ‘Il-Pixkerija’.
They’ve put forth a €38.5 million proposal for the site’s revamp, currently the top offer following the government’s invitation for project ideas.
Meanwhile Bonnici Brothers Ltd submitted three offers; the highest one being a relatively modest €242,435, with the other two having no financial value attached.
The deal on the table is a 65-year concession contract that demands an initial investment of at least €18 million.
The property in question consists of several Grade 1-listed structures: the Old Fish Market, known locally as il-Pixkerija, a past Quarantine Hospital, the building that currently serves as the energy ministry, and three Grade 1-listed Pinto stores.
The package also includes the surrounding land and adjoining coastal area.
Decades ago, the Old Fish Market at the Grand Harbour’s Barriera Wharf underwent reconstruction to make way for a new road in Valletta.
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