(Cyprus Property News) – According to the mayor of the town and local economic stakeholders, Larnaca, which had previously lagged behind other cities in urban development, is now working on multimillion-dollar projects.
Larnaca Mayor Andreas Vyras stated that the coastal town’s future is brighter because overseas investors are enthusiastic about its possibilities in comments to news website Stockwatch.
As private development businesses have created their master plans, which include multimillion-dollar projects, “new life is expected to be breathed into an area covering more than 3 square kilometres in eastern Larnaca,” said Vyras.
The Dhekelia coastal front, which was formerly home to fuel and gas storage tanks, will soon see fresh investments with premium tourist projects.
Petrolina Holdings, the largest landowner on Dhekelia Road, is looking into developing vacation rentals or hotels.
ExxonMobil sold three parcels of land on the Larnaca-Dhekelia road to Petrolina Holdings, a CSE-listed company, who then established Petrolina Bayfront as a subsidiary.
ExxonMobil’s properties were purchased by Petrolina for €30 million when their fuel tanks were taken down, and they would be included into their bayfront property development.
In April, Petrolina unveiled their ambitions for the region.
The “Land of Tomorrow” development is a mixed-use complex that houses a hotel, offices, and residences. It’s anticipated that the renovation will cost more than $1 billion.
The Larnaca-Dhekelia route will see infrastructural improvements from the municipality of Larnaca, which will further the area’s development.
“At the same time, western Larnaca is receiving an upgrade thanks to a municipal project to enhance and restore the house facades on Piale Pasia Street, which will highlight the city’s traditional architecture and historical character.”
Vyras stated his optimism that the city’s ‘construction fever’, which is currently exploding in the area of Mackenzie Beach, will reach western Larnaca.
The municipal authorities are currently reviewing applications from local businesses and foreign investors for hotels, apartment buildings and mixed-use developments totaling millions of dollars.
Stavros Stavrou, chair of the local chamber of commerce and industry, expressed satisfaction with the plans for the suburbs but emphasised that the historic centre should not be overlooked.
“The urban core, where the city’s traditional character has been preserved, is where the city’s beating heart is located.
However, Stavrou noted that additional improvement initiatives were required to draw in new enterprises.
He stated that the neighbourhood is home to a number of boutique hotels, which have increased the town center’s appeal.
Larnaca marina
Stavrou did raise concern over the Larnaca Marina and Port, which represents the largest infrastructure investment in the town, saying that major delays had been noted.
Although contracts were issued and signed in December 2020, “local stakeholders have expressed concerns over when the project will take off” due to the lack of a heavy construction work start date.
Stavrou pointed out that the firm Kition Ocean Holdings Ltd, which was given the contract for the renovation of the marina and port in Larnaca, has downplayed concerns and assured stakeholders that the project is moving forward.
The CEO of the Cypriot-Israeli consortium, Panos Alexandrou, stated in a previous statement to the media in July that the €1.2 billion project to renovate the marina and port in Larnaca will get underway at the start of 2024.
The region around the marina will be a sizable building zone starting in January, according to Alexandrou.
Alexandrou estimates that the project, which is expected to bring in about €12 billion for the government, will take the contractors four years to complete.
4,000 new jobs total, including those directly associated with marina operations and those opening up shop in the commercial districts.
The new marina, which will be built, will have space for 650 yachts and amenities like boat repairs.
Ships up to 450 metres in length, including luxury cruise ships, energy research vessels, military, and other merchant ships, will fit in a modernised Larnaca port.
Luxury hotels, apartment buildings, a conference centre, shopping centres, learning facilities, research auditoriums, a medical school, a tourism college, and an environment and energy university are anticipated to be included in the real estate.
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