A 7 million Euro investment for the regeneration of Valletta market and another 1.2 million Euros for the regeneration of Strait Street has been announced this morning.

The Principal Permanent Secretary Mario Cutajar and Parliamentary Secretary for Planning and Simplification of Administrative Processes Michael Falzon said that there were 20 proposals submitted for the Valletta market project and following a rigorous selection process, the proposal submitted by Arkadia Marketing Ltd was chosen. The company will lease the property for a total of 56 years.

Addressing a press conference this morning, a representative of the company explained that the Victorian structure will undergo complete restoration, while the internal adaption will comprise of three levels.

The ground level will host food stalls, the middle level will include a number of food stalls, inspired by the Mercado San Miguel in Madrid, while the third level will have a café/lounge as well as a performance space. The company is obliged to collaborate with The Malta Arts Council to come up with an annual cultural programme. 

The company will be consulting with a number of vendors which are already occupying space in the market, seven of which depend on their business there for a living.

The Strait Street project will include the removal of the stairs and the use of lava material for the paving. The new street lighting to be installed will reflect the original lighting.

The deadline for both projects is December 2016.