Larnaca’s transformation is not limited to a €1.2 billion redevelopment of its marina and port, already in the making, as two residential towers and a hotel called the Staston Project have received the green light from environmental authorities.
The project is located on Makarios Avenue in the Chrysopolitissa area, halfway between the Larnaca Central Police Station and the Port Roundabout. This place was historically owned by the Demetriou family as Cyprus Umber Industrial Co. since the 1920s and has been used to cultivate terra umbra red soil for export to dye companies.
It was later bought by the Orphanides family, who intended to build the first shopping center in Larnaca. Supermarket chain Orphanides eventually went bankrupt in 2013 and the site is being developed by its current owners, Omikro Ktimatiki Ltd.
The two towers have 97 apartments, cafes, restaurants, shops, a gym and spa, and 218 parking spaces.
The five-star hotel will have 168 rooms and reception areas, as well as 133 parking spaces.
According to the environmental impact study of the project, the owners aim to meet some of the housing and tourism needs in the Larnaca area.
A derogation from the Larnaca Local Plan has been applied for the proposed hotel complex, as hotel construction is limited to 80 rooms in this area.
The proposed project is located approximately 500 meters north of Larnaca Municipality Center and southwest of Larnaca Port.
The port of Larnaca is located approximately 200 meters southeast of the project and the Phinikoudes area is approximately 300 meters southeast of the proposed project.
The city is attracting new investment with high-end tourism projects designed for the Dhekelia coastline, once occupied by fuel and gas storage tanks.
Among the projects nearing completion is the Radisson Beach Resort – the first in the world – on Dhekelia Road, where the princess used to live.
Radisson Hotel Group has signed an agreement with Larnaca-based Quality Group and SunnySeeker Hotels to create six branded hotels in Cyprus following the opening of Radisson Blu near the port of Larnaca.
Meanwhile, the largest real estate owner on the coast of Dhekelia, Petrolina Holdings, is ready to consider developing projects such as holiday homes or a hotel.
listed Petrolina Holdings created a subsidiary, Petrolina Bayfront, by acquiring three sites on the Larnaca-Dhekelia road from ExxonMobil.
Following the dismantling of their fuel tanks, Petrolina purchased the ExxonMobil property in a €30 million deal that they plan to include in their Bayfront development.