Larnaca marina project to take shape in 2024

The redevelopment of Larnaca marina and port will come into full effect from early 2024, when the €1.2 billion project will begin. The CEO of Kition Ocean Holdings, the Cypriot-Israeli consortium awarded the redevelopment, told news website StockWatch that January 2024 will be the start of work on the first phase.

"From the beginning of the year, the area around the marina will become a huge construction site," Alexandru said. He noted that they have received permission from the Department of Urban Development and Housing to construct the first buildings. Alexandru explained that the central building, which will take about 18 months to construct, will house Kition's offices, the local port authority,''to complete them by the end of this year. The aim is to complete the pier in time for the Epiphany celebrations in January and the foundation stone laying ceremony.

The contractors will take four years to complete the work from the start of the project, which is expected to generate around €12 billion for the government, Alexandru said.

The BOT project will see the government receiving a fixed rent and a percentage of the revenue under a concession agreement with the port/marina to be leased for a period of 40 years and the property,''acquired for a term of 125 years. After 40 years, the port and marina could be returned to the government.

The renovation of the existing marina will accommodate 650 yachts and offer facilities such as boat repairs. The renovated Larnaca port will be able to accommodate vessels up to 450 meters in length, such as luxury cruise ships, research vessels, military and other commercial vessels. The property is expected to include luxury hotels, residential buildings, a conference center, shopping centers, educational spaces, research classrooms, a medical school, a tourism college, a university for environment and energy.