With a budget of €1.2 billion, works on the Larnaca marina and port development, the largest infrastructure investment in Cyprus, started on Friday.
The first phase of the project has a span of five years and provides for all the required infrastructure, including a new road.
Plans for expanding and privatising the Larnaca marina have been plagued by years of delays and failure to find investors.
Kition Ocean Holdings Ltd, the Israeli-Cypriot consortium awarded the tender in 2020, aims to make space for 600 berths for yachts of up to 115m at the port.
Real estate giant Aroundtown SA joined the consortium last week. Its inclusion is pivotal to the project’s financing needs, as it is one of the largest high-value real estate investment companies in Europe.
The entire development will be divided into four phases across 12 years and it is estimated that the benefit to the local economy per year will be around €120 million.
According to Kition, minor repairs to the existing marina be carried out in coming days, while works on the yacht berths and yacht club will begin in the summer.
The first phase of the project will take approximately five years and will include the construction of a walkway at the marina.
Moreover, a road link to the popular Finikoudes area of Larnaca will also be built during the first phase.
The second phase will see the construction of buildings, including apartments, retail shops and entertainment and parking facilities.
An area to repair and maintain yachts and a five-star hotel overlooking Finikoudes area are also on the cards.
During the third phase, the consortium is planning to build a 360-degrees-view facility for visitors, as well as private villas with swimming pools and mooring space, while another hotel is also set to be erected on the marina’s northern side.
In the fourth and final phase, additional private villas will be added along with more commercial areas for retail shops.
Speaking to daily Phileleftheros, Larnaca mayor Andreas Vyras said the entire country, not just his town, will benefit from the construction of the project.
“This is an important day for us, a day we were all expecting for years and for which we have been fighting for decades,” Vyras said.
“The entire project will create from 3,000 to 4,000 jobs and will attract huge interest from foreign companies.
“Combined with the relocation of the fuel facilities to Vasilikos, the port and marina project will be a huge boost for Larnaca.”