“Many people are unemployed and desperate. We aim to create value where there is none, to offer a way out of the crisis, a collaborative space where people can support each other,” Kristis Plastiras, Fysko Lotus Plaza Project Manager told The Cyprus Weekly.

Fysko Lotus Plaza Project planners will be presenting their proposal on site to the public on Saturday at 11.30am, and are calling all interested parties to attend this open meeting.

Among the proposal’s most radical features is the offer of more than 100 shops rent-free for one year to young retail merchants. As Plastiras explained, criteria will be set on how the rent-free shops will be distributed. These criteria will mainly relate to the merchant’s ability to gain local support for their venture.

“We envision that interested merchants will be submitting their ideas through a website, and will also submit a plan on how their proposed business will be sustainable. These plans will require the approval of local people, as this is a project that will directlyinvolve the local community.

Successful merchants will then be asked to come up with the funds (estimated at €2,000-€3,000) to set up/furnish their shop through the method of crowd-funding,” said Plastiras.


In addition, the proposal envisions the creation of work spaces for young entrepreneurs where necessary tools will be offered such as office equipment, access to the Internet and guidance by a group of experts; and an events room that will host seminars, ‘hackathons’, meetings etc.


According to Plastiras the project will cost an estimated €4 million, while the value of all the Fysko shops is estimated at €3 million. Project planners will be registering a limited company and giving shop owners the option of either buying shares in this company, or selling their shops to it.


Project planners also hope that the additional €1 million will be secured from other investors, who will then become shareholders in the company. These investors will have priority in dividends paid on their shares for a set number of years. After the four-year initial period, shop owners who have purchased shares will also be reportedly receiving dividends.


The Fysko Lotus Plaza project will be implemented by a group of volunteers, divided into five groups according to their expertise, comprising lawyers, financial advisors, entrepreneurs and businessmen, engineers and architects, and a general group. Project planners assert that the proposal is supported by the Municipality of Limassol, political parties, university research centres, and government departments.

Source: InCyprus