29.08.2023
Once lagging behind in urban development compared to other cities, Larnaca is now undertaking multi-million dollar projects, according to the city’s mayor and representatives of the local economy.
Larnaca Mayor Andreas Viras said the future of the coastal city looks brighter as foreign investors are encouraged by its potential.
“New life is expected to be breathed into the more than 3 square kilometers area in the eastern part of Larnaca , as private construction companies have developed their master plans, including multi-million dollar projects,” Viras said . Mayor of Larnaca meant plans for new investment in high-end tourism projects destined for the Dhekelia coastal area , once occupied by fuel and gas storage tanks.
Largest property owner on Dhekelia Road , Petrolina Holdings is looking into projects such as vacation homes or hotels.
Petrolina Holdings , which is listed on the CSE , has created a subsidiary of Petrolina Bayfront , by acquiring three sites on the Larnaca-Dhekelia road from ExxonMobil .
Following the dismantling of the fuel tanks, Petrolina purchased the ExxonMobil property for €30 million, which they plan to incorporate into their Bayfront property development. Petrolina presented its plans for the area in April.
The complex is a multifunctional complex, including a hotel, office space and residential buildings, called “Land of Tomorrow”. The cost of the entire project is expected to exceed 1 billion euros.
The Municipality of Larnaca will also contribute to the development of the region by implementing infrastructure projects along the Larnaca – Dhekelia road .
“At the same time, the western part of Larnaca is undergoing a facelift as the municipal program to improve and restore the façades of houses along Piale Pasia will highlight the city’s traditional architecture and historic character.”
Viras expressed confidence that western Larnaca will get its share of the “construction frenzy” that is currently unfolding in the Mackenzie Beach area.
Applications for millions of hotels, apartment buildings and mixed-use complexes submitted by local businessmen and foreign investors are being considered by the municipal authorities.
Chairman of the local Chamber of Commerce and Industry Stavros Stavrou said they were happy with the suburban development plans, but noted that the historic center should not be left out.
“The heart of the city beats in the city center, where the traditional character has been preserved. However, further improvement projects are needed to attract new businesses,” Stavrou said . He added that the area is home to several boutique hotels , which add to the appeal of the city centre.
Larnaca Marina
Stavrou expressed concern about the largest infrastructure investment in the city, the marina and the port of Larnaca , noting that significant delays were recorded.
“Local stakeholders have raised concerns about when the project will start as major construction work has yet to commence despite contracts being signed in December 2020.”
Stavrou noted that the company received a contract for the reconstruction of the marina and port of Larnaca . Kition Ocean holdings Ltd downplayed concerns, reassuring stakeholders that the project continues to evolve.
In an earlier media comment in July, the CEO of the Cypriot -Israeli consortium, Panos Alexandrou, said that the reconstruction of Larnaca’s marina and port will be in full swing from early 2024, with the €1.2 billion project taking shape.
“From the beginning of the year, the area around the marina will become a huge construction site,” Alexandru said. It will take four years for contractors to complete work from the start of the project, which is estimated to bring the government about 12 billion euros, Alexandru said. This will create 4,000 new jobs, including those directly associated with harbor operations and businesses that will set up retail outlets in commercial areas.
The renovation of the existing marina will accommodate 650 yachts and provide services such as boat repairs.
The upgraded port of Larnaca will accommodate vessels up to 450 meters in length, including luxury cruise ships, energy exploration vessels, military and other merchant vessels.
The property is expected to include luxury hotels, apartment buildings, a convention center, shopping malls, educational spaces, research auditoriums, a medical school, a tourism college, and an environment and energy university.
