Redevelopment project set to transform Larnaca Marina in 2024

In the heart of Larnaca, Cyprus, an ambitious and transformative project is set to reshape the city's landscape and bring about a new era of progress and prosperity. The eagerly awaited redevelopment of Larnaca Marina and Port, is scheduled to kick off at the beginning of 2024.

Larnaca's Marina and Port are about to undergo a transformation as the eagerly anticipated €1.2 billion redevelopment project is set to kick off at the start of 2024.

In an interview with StockWatch, the CEO of Kition Ocean Holdings, the Cypriot-Israeli consortium responsible for the redevelopment, shared the exciting news that phase 1 works will commence in January 2024.

"With the beginning of the new year, the entire marina area will transform into a bustling construction site," stated Alexandrou, exuding enthusiasm for the project.

The consortium has already received the green light from the Department of Town Planning and Housing for the initial buildings. Among them, the central building will be the focal point, encompassing offices for the Kition company, the local port authority, Cyprus Ports Authorities, customs, and other essential services. The estimated completion time for this central building is 18 months, with construction expected to begin in April 2024.

The development will also feature various other buildings, catering to the police, the Ministry of Agriculture, and a dedicated terminal for cruise ships, all of which are projected to be completed within a year.

As planning progresses, attention is also being given to the pier area, where the Yacht Club and service building will be established. Construction for this section is planned to commence in April next year.

Simultaneously, infrastructure projects, including roads and pedestrian walkways, will be initiated to seamlessly connect the development area with the rest of the city.

Alexandrou shared that a previously existing dispute with workers at the Larnaca port over signing a collective agreement has been successfully settled. Moreover, the work on the pier is already underway and scheduled for completion by the end of this year. The aim is to have the pier ready for the grand Epiphany celebrations and the foundation stone ceremony in January.

The ambitious project is anticipated to create a significant economic impact, generating approximately €12 billion for the government. Notably, around 4,000 new jobs will be created through direct employment at the marina operations and various businesses opening outlets in the commercial areas.

The redevelopment will be executed in four distinct phases spanning over a period of 15 years. The government will be involved in a BOT (Build-Operate-Transfer) arrangement, receiving fixed rent and a percentage of the revenue through a concession agreement. The port and marina will be operated on a 40-year lease, while real estate acquired for the project will be on a 125-year lease, ensuring the long-term viability of the development.

Once the 40-year lease is completed, the port and marina can be handed back to the government.

The renovated marina will cater to 650 yachts and will boast state-of-the-art facilities, including boat repair services. As for the port, it will be upgraded to accommodate vessels of up to 450 meters in length, making it accessible to luxury cruise ships, energy exploration vessels, military ships, and other merchant vessels.

In addition to the marina and port enhancements, the project will also encompass a plethora of real estate ventures. The list includes luxurious hotels, modern apartment buildings, a cutting-edge convention center, upscale shopping malls, educational institutions such as research auditoriums, a medical school, a tourism college, and even an environment and energy university.

The redevelopment of Larnaca marina and port is poised to usher in a new era of growth for the city, attracting tourists, businesses, and investors. With the project scheduled to commence next year, all eyes are on Larnaca as it readies itself for an extraordinary transformation that will shape its future for generations to come.