Cypriot-Israeli consortium ‘Kition Ocean Holdings’ on Wednesday presented the long-awaited €1.2 billion redevelopment of Larnaca port and marina – a grand project that will certainly upgrade the town’s image.
The project covers the restructuring of Larnaca marina for 650 berths, the port and surrounding land development over an area of 220,000 sqm.
“Construction works will take approximately 10 years, and the concession agreement is for 40 years…our first step is to submit applications for the required permits with works set to begin in two years,” said company CEO Panos Alexandrou.
“Plans include the development of the marina with the latest technological infrastructure, turning Larnaca port into one capable of serving large vessels, with the expansion of piers and docks and the construction of a modern passenger terminal,” he added.
Alexandrou also said that provisions have been included to also serve the energy industry, adding that Larnaca Municipality’s red lines were adopted and will be respected. This mean that chemical sludge, radioactive material and volatile installations are excluded.
The project is divided into four phases, with the first one including a new road that will connect Athens Avenue at Phinikoudes area with Famagusta Avenue – that is the first part of the new Larnaca-Dhekelia road.
Phase one also includes the Yacht Club, a five-thousand-square-meter space accommodating the offices of the marina, restaurants, event venues, sailing and diving schools as well as boat shops.
The second phase provides land and tourist development in the marina along with a traditional local produce market. In addition, 10,000 square meters of educational space will be constructed, to host university lectures and areas where research can be carried out, a medical school and center, a hotel, a tourist college and a university for environmental and energy studies.
The third phase provides for 45 luxury villas on a new breakwater with private boat moorings. To the north of the marina there will be a residential complex and a five star business hotel, a shopping centre and two additional residential complexes serviced by the hotel. According to investors, this will be the first private island in Cyprus.
The fourth phase is the project’s western part and concerns office premises with private parking spaces.
The consortium consists of The Prosperity Group and REM International. The investment is expected to generate revenue of €19.6 billion and create over 4,000 new jobs. Some €600 million have been budgeted for infrastructure.