Plans for the new Marina in Larnaca have finally been approved and construction will begin 2022. The first to be transformed will be the reconstruction and expansion of Larnaca’s port and terminal. Moreover, this will change the seaside landscape of Larnaca whilst 4000 jobs will be created generating billions for the economy. Firstly, the new reconstruction will cover 650 berths, the port and surrounding land development over an area of 332,449m² which is expected to see the consortium invest more than €1 billion.
In addition to the marina development, there will be a yacht club with a retail park, a passenger terminal at the port as well as hotels, private islands and residential properties. Furthermore, the government will receive a fixed rent and a percentage of the revenue generated through a concession agreement with the port/ marina operated on a 40 – year lease and the real estate is acquired on a 125 – year lease.
In conclusion this project will last more than 10 years including the construction of two hotels, nine mixed used buildings with a maximum of 15 floors and six luxury apartment buildings with a maximum of 13 floors. Without a doubt this project will be one of the most important landscapes in Cyprus. (Source: Financial Mirror, 2020, Larnaca Marina Port)