Despite delays in public works, private companies are advancing their projects in Larnaca, particularly focusing on the area of the former refineries.
Petrolina Group has embarked on what is touted as the area’s most ambitious project, estimated to exceed €1 billion in value.
The venture, known as ‘Larnaka-Land of Tomorrow’, will span 400,000 square meters and aims to offer a blend of residential units, office spaces, retail outlets, and dining venues, totaling approximately 8,000 residential units.
Dinos Lefkaritis, the CEO of Petrolina Group, revealed plans for the project’s initial phase to be likely situated along the seaside on a 60,000 square meter plot, following the removal of the company’s large oil storage tank.
“On 2nd August, we submitted the master plan to the Larnaca Municipality for urban planning permission. We anticipate requests for clarifications and await the go-ahead to proceed. Discussions with potential investors are ongoing, and we envisage commencing part of the development, possibly within 2024,” Leucaritis stated.
In the meantime, the company has completed the dismantling of its LPG facilities, with the large sphere already demolished and some shelters remaining.
“Regarding soil cleanup, some areas are already clear, and we are submitting documents to the Department of Environment for inspections. However, some areas may require about a year to be declared clean,” added Leucaritis.
EKO Cyprus, another significant player in the region, controls a 55,000-square-meter plot adjacent to the Larnaca port.
The company has already filed its master plan for urban planning permission. “Our utilization plans include multiple points of interest, incorporating not only residences but also commercial and professional projects with a minimalist yet striking design approach,” said George Gregoras, CEO of EKO Cyprus.
He highlighted the company’s active participation in shaping the new era for Larnaca’s coastal front. “We’ve taken a significant step further by drafting a comprehensive, non-binding master plan to make this area a social, tourist, and commercial attraction.”
EKO Cyprus was the first to dismantle its liquid fuel installations and the LPG facility. “The related work commenced in February 2023 and was completed by April, setting a record time for such a project,” Gregoras remarked, noting that his company is the only one to have secured a permit from the Department of Environment for soil decontamination.
Solvin Ltd, a foreign-interest company, plans to build two 67.6-meter towers on a 27,224 square meter site near the Larnaca Nautical Club, with an investment exceeding €50 million.
The development will feature 15 floors with 114 apartments, two parking levels, and ground-floor restaurants. “We’ve submitted all environmental studies and await approval from the Department of Environment. We hoped to begin this year, but there’s a delay in license issuance.
Once secured, we aim to start within 2024,” said Polys Kourousides, director of Solvin.
Part of the company’s land has been eroded by the sea, and Solvin will undertake recovery works at its expense, leading to the creation of a beach. “We’re sensitive to environmental issues and will follow the Department of Environment’s guidelines. We’ve sought no deviations from the regional plan,” Kourousides explained.
Synergas, a cooperative company, is in talks with other oil companies for the development of its 18,000 square meter land. “Our aim is to avoid mistakes made elsewhere. We want to create a development that is accessible to Larnaca residents and visitors,” said Nicos Soutzis, the company’s director.
Currently, Synergas is dismantling its large LPG sphere, expected to be completed by December. “We won’t need to clean the soil, as expert studies have shown that our land is clean,” added Soutzis.
Intergaz, owned by Cypriots living in London, is engaged in discussions for the development of its 15,000 square meter land.
“Our owners are in contact with neighbouring companies and other land development professionals,” said Andreas Hadjisergis, director of Intergaz.
The company is awaiting a permit for the dismantling of its LPG installations from the Department of Environment, a process expected to take two to three months.
“We have evaluated soil pollution with an independent study from abroad, indicating our land is clean. However, the expected permit will include terms for dismantling and the extent of soil disinfection,” Hadjisergis concluded.
