Cyprus-based investor Alexey Gubarev has recently become the owner of the land where Sodap’s wine factory was for over €32 million, according to an announcement released this week.

The 38,827 square metres property is located between the port and the marina of Limassol, adjacent to the seashore, with a total frontage of 220 metres.

Moreover, the announcement explained that Alexey Gubarev is envisioning a massive development with multiple-story buildings and other high-specification facilities.

In addition, the development will be a public space on which various objects intended for education, creativity, and cultural pastime will be located.

Luxury-sea view apartments and commercial areas such as retail and offices are also being planned.

“The new space will be named IT Quarter,” the announcement stated, noting that “the territory can be called a city within a city where people can live, create, work, engage in self-development and development of children, and have a great time regardless of the time of year”.

The architectural concept includes kindergarten, school, museums and galleries, sports facilities, public squares, parks, and green zones, among other things.

Additionally, there is a plan to create a giant public square only for pedestrians with direct access to the sea.

“Sodap property stands as an iconic flagship complex, housing a range of industrial installations since its establishment in 1947,” the announcement noted.

“Initially serving as the esteemed headquarters for the Cooperative Organisation for the Distribution of Viticultural Products, this historic site holds significant value as one of the region’s crucial industrial heritage landmarks, as noted by the Limassol Chamber of Commerce’s authoritative website,” it concluded.