Paralimni marina is expected to be fully operational within a period of 48 months.
The marina is set to have 300 spots for docking vessels, a selection of shops, cafeterias, bars and restaurants, 123 apartments, 4 villas, a seaside park and walkways leading to Protaras beaches.
It will also have 535 parking spots.
At a cost of €110 million, the project will also include a hotel.
It is co-funded by private capital and public funds.
The main aim of the project is to create a marina, with safe and easy access for yachts, combined with high quality facilities and services in order to attract year-round visitors.
“Paralimni Marina will be the largest and most important development project, a work that will breathe life to the area and will enrich and modernise the tourist product of both the municipality of Paralimni and the Famagusta district. Also, the synergy of Paralimni and Ayia Napa marinas will be a step forward towards the completion of the strategic planning for the development of nautical tourism on the eastern side of our island,” Paralimni mayor Theodoros Pyrillis said.
It will cover an area of 29,000 m2 in Pernera, on the southeast coast of Cyprus, close the centre of Paralimni and north of Cape Greco.