The proposed €1b joint Larnaca port and marina project, the first designs of which were released to the media on Friday, will bring radical changes to the area.
Highlights of the proposal include hotels and residential towers at the marina, while the port will be expanded to be able to serve large cruise ships.
Transport Minister Yiannis Karousos announced the agreement between the government and the Cyprus-Israeli consortium Kition Ocean Holdings that is behind the project at a meeting with mayors of Larnaca district on Thursday.
Karousos described the deal as historic and said contracts will be signed in 10 days.
Larnaca Mayor Andreas Vyras welcomed the long-anticipated agreement which he said marked a new era for the town, the district as well as the economy more generally.
The project provides for port infrastructure, a marina, redevelopment of the land, a road network, green areas, parks and pedestrian areas as well as residential units and catering and recreation establishments over a period of 10 to 15 years.
Kition Ocean Holdings is proposing expanding the current marina so that it can berth 650 boats of between five and 150 metres.
The new marina will have catering venues, recreation and green areas, children’s play areas, shops, hotels, luxury villas and an educational and medical centre that can host students to study and train in hotel management, medical studies and marine studies.
At about €1b it is considered the biggest investment in Cyprus to date and on completion will create 2500 new jobs and create considerable revenue for the state.
Vyras told Phileleftheros that according to the briefing given by officials, the investment is within the framework sought by the town.
- commercial use of the new port
- tourist activity that will include deepening and expanding the port so that large cruise ships can dock there
- hotels and luxury hotel suites, residential units for permanent residents, recreation areas, green areas etc
“We are talking about a project which is much bigger than the Ayia Napa marina project which is a very large project for Cyprus,” he said.
Vyras said work may start at soon as later this year.
Based on the Finance Ministry’s study the investment will lead to a €120m annual increase in Cyprus’ GDP.
Combined with the relocation of petrol facilities and the freeing and development of that section of the coastal front, the new project will give further momentum to Larnaca’s growth.