An ambitious Larnaca development appears to be one step closer in being implemented with Russian investor Nikolai Potapenko submitting all the required paperwork for the construction of the Larnaca Tower project and voicing optimism that they will be approved.
The Russian business tycoon told Phileleftheros newspaper that his plans for the project started in 2011, when Cyprus was struggling to overcome an economic recession. Potapenko also said he has been investing money in Cyprus for several years, referring to another big investment of his company that took place in Pervolia area, the Faros Village.
This time, Potapenko is proceeding with a multimillion investment, the Larnaca Tower in the heart of the Larnaca famous seafront, Phinikoudes, which is estimated to cost around €170 mln. The new building that will include luxury apartments and offices as well as a 5-star hotel will to take over the space where Hobos restaurant and Lefkaritis parking area are located.
The construction of the long-awaited project is expected to begin in April 2019, provided that all required licences are issued in due time.