The road is 'Panikou Chatzipanagi'. This is the road that goes from the Basket Roundabout down to the Post Office. Although I believe it is only being closed down to the Homemarket.
This is of course devastating news for the shops down there, one of which is a Pharmacy (Amaryllis Petinou) that relies a lot on passing trade. I will certainly make the effort to get to the pharmacy, but I doubt that many others will

Sadly I believe it is being closed until around Christmas time