Turkish contractor Koray has secured a €320m contract from Mediterranean Investments Holding (MIH), 50% owned by Malta’s Corinthia Group, to construct Medina Tower in Tripoli, Libya.
Medina Tower is a 40-storey building designed and planned by UK-based Sidell Gibson Architects and Malta-based Paul Camilleri & Associates.
The tower will feature residential units, office space and a commercial centre housing fashion brands, restaurants and a spa.
The tower will be built on an 11,000m² plot of land, yielding 200,000m² of space in 40 floors above ground and four floors of underground parking, which will have space for 900 cars.
The building will feature 336 apartments, 26,000m² of office space and 22,000m² of commercial and conference space.
Medina Tower is a joint venture between IHI, MIH and the Economic Development Real Estate Investment Company (EDREICO).
IHI and MIH each hold a 25% share in Medina Tower while EDREICO holds a 50% stake.
Corinthia chairman Alfred Pisani said that Libya went through a challenging period last year and the company had to deal with some difficult moments.
"We have, however, remained focused and determined to push ahead with our investment plans and we are pleased to report that the hard work and determination has now paid off as we are about to break ground on this landmark development in the heart of Tripoli," Pisani said.
The tower is expected to be completed in 40 months.
Upon completion, Medina Tower will replace the 28-storey Al Fateh Tower as the tallest building in Tripoli.
Medina Tower is the third project undertaken by the Corinthia following the completion and ongoing operation of Corinthia Hotel Tripoli and Palm City Residences.
Image: When completed, Medina Tower will replace the 28-storey Al Fateh Tower as the tallest building in Tripoli. Photo: Sidell Gibson Architects.