A proposal on the development of Larnaca’s port and marina was submitted on Friday, the transport ministry said.
The proposal will be evaluated in line with the timeframes and procedures specified by the law, a ministry statement said.
The mooted project in Larnaca is set to feature a 1,000-berth marina and port involving a development of up to 510,000 square metres.
General terms for the development allow for the construction of high-rise buildings. Investors will have the option to build residences, shopping areas, offices, restaurants, recreational or sports venues.
Plans for expanding and privatising the Larnaca marina have been plagued by years of delays and failure to find investors.
Back in 2010 the government struck a deal with Zenon Consortium for a €700 million project to transform both the existing port and marina.
The consortium failed to raise the necessary funds even though the government extended the deadline up to 20 times until 2015 when the deal fell through.
Much of the blame fell on the recession and the 2013 banking crisis