17.12.2023
Larnaca will begin to develop faster thanks to the return of a Russian investor planning to revive plans for a €170 million hotel and luxury residential complex on Phinikoudes seafront.
Project ” Larnaca ” Tower ” was canceled three years ago when Russian investor Nikolai Potapenko abandoned it after a dispute with the municipality. Then the mayor’s office said that there were good reasons for the delay and that the local authorities were not to blame.
Back in 2020, the businessman’s legal representative said that Potapenko was supposed to invest €170 million, but the project was canceled for seven years due to bureaucracy.
Potapenko bought some prime land in Larnaca along the popular Phinikoudes with plans to build a 100-room five-star hotel and a 30-room hotel. The two-story building was named “Larnaca” Tower “. The hotel was to be the first five-star hotel in the city.
Then Mayor Andreas Viras claimed that Potapenko changed his plans four times: the last plan for the facility was presented by the businessman in February 2020. Now, some three years after negotiations with the municipality broke down, Lanomex Development Ltd (owned by Potapenko) is back with a fresh design.
The company has submitted new permit requests to the EPA, including an Environmental Impact Assessment Study (EIAS).
According to a new study, the proposed project involves the construction and operation of a single complex of 28 floors and a total height of 109 meters in the heart of the Phinikoudes strip. It will cover residential, commercial, dining, office and wellness centres.
According to the same data, the residential part of the complex will include 142 apartments (60 one-room, 62 two-room and 20 three-room), located between the seventh and twenty-eighth floors. The commercial section will consist of seven shops on the ground floor and mezzanine level.
The design of the proposed project also includes the creation of a dining area operating on three levels: ground floor, mezzanine and second floor. In addition, there are business spaces for use as offices on the first, second and third-fourth floors. According to the projects, two wellness areas will operate on the fifth and 14-15 floors.
Positive outlook
Larnaca’s property stakeholders have ample reason to be optimistic about the seaside town’s future.
Recent reports have highlighted that the €1.2bn Larnaca Marina and Port redevelopment project is on track for full implementation from early 2024, overcoming previous delays.
The start of work on the first stage is scheduled for January 2024.
At the same time, various private enterprises are actively promoting projects in Larnaca , with particular attention to the site of the former oil refinery and warehouses on the Dhekelia road .
Petrolina The Group is leading its ambitious Larnaca Land of the Future initiative, costing over €1 billion.
Covering an area of 400,000 square meters, it offers residential space, offices, retail space and restaurants, with a total of 8,000 residential units.
The initial phase, located along the coast, is awaiting municipal approval and discussions are currently underway with potential investors.
The Lefkaritis- owned energy company commissioned renowned British architecture studio Foster + Partners to design a new façade for Larnaca’s seafront. This upgrade will replace about two kilometers of oil refineries that previously dominated the coastline north of the city center.
EKO Cyprus, which owns a 55,000 square meter site near the port of Larnaca, has unveiled its master plan, which includes residential buildings, commercial businesses and professional projects. The company aims to revitalize the coastal area, transforming it into a vibrant social, tourism and commercial hub.
Solvin Company Ltd plans to build two towers on a 27,224 square meter site, investing over €50 million. The project, which includes 114 apartments, parking levels and ground-floor restaurants, is awaiting approval and is scheduled to begin construction in 2024. The firm intends to restore the eroded land in accordance with environmental standards and create a public beach.
Synergas is in talks with possible investors for the 18,000 square meter land. In the process of dismantling the LPG site, the cooperative expects to complete the procedure by the end of December without the need to clean up the soil.
Intergaz is exploring development opportunities on its 15,000 square meter land.
