THE RECONSTRUCTION PLAN OF THE LARNACA MARINA
The Larnaca Port & Marina Master Plan will become a great resource for the Republic of Cyprus and its people.
It includes a range of benefits such as those related to taxes, employment, the creation of public spaces and amenities, increase in tourism, new infrastructure and urban improvements.
The two members of the Consortium who will be redeveloping the land are well experienced companies, the one a Cyprus owned company founded in the UK in 2006, its main activities being in investments and developments. The other, a company which is part of a US based conglomerate owned by an Israeli American Family with years of experience in international activities in the fields of large scale mixed use real estate investments and developments which include hotels, several commercial and industrial buildings, fashion brands, Media Channels, Aviation companies and more.
Their Main Objectives :
- Giving the Sea back to the city was the main goal
- Create an innovative environment where people will enjoy working, living and be entertained
- Create a sustainable and environmentally friendly project by minimising waste and reducing CO2 emissions to the atmosphere
- Create a beautiful Landmark project by which Larnaca will be known for
THE PHASES OF THIS PROJECT :
Phase 1 includes all of the infrastructure works related to this project.
The opening of a new road connecting Athenon Street with Ammohostou Road, the expansion of the existing Marina to ensure it can accommodate 650 yachts between 5 and 150 meter long, as well as, all the necessary infrastructure works within the Port areas to prepare for the extension works of the port and of course a new 500 sqm state of the art passenger's terminal to serve large cruise ships. Additionally, to this, the 1st phase will include the construction of the Marina Yacht Club, a 5000 sqm building which will accommodate the Marina offices, restaurants, events space, sailing schools, diving schools and Marina shops selling goods to yachts.
Phase 2 includes the Construction of several Residential buildings within the Marina area, as well as a Traditional Agora where producers of local products will be able to sell their goods in a pleasant environment.
Additionally, within phase 2 the educational element of this project is being planned to be constructed which will consist of approximately 10.000 sqm of University Lecture and Research Theatres where a Medical School will co-exist next to a Medical Centre, a Hotel and Hospitality College and finally a Blue Marine, Environmental and Energy University.
Within the Port area the storage facilities will be increased and improved, and a secure area for yacht repairs will be created.
During the 3rd phase which is estimated to take place before year 10 of this project, new 45 Luxury Villas will be constructed on the new breakwater which will have their own private berths.
On the same breakwater, a state of the art luxury residential light house will be built which will offer 360 degrees view from all of the apartments.
To the north of the Marina, the final U shape residential building will be constructed together with a new 5 star business hotel, a commercial centre and two additional luxury residential buildings which will be served and maintained by the hotel.
Such a project cannot be completed without an icing on the cake, which in this case will be the only Private Island in Cyprus.
During the last 4th phase of the project, the western part of the Project will be constructed which will consist of several office buildings, parking spaces, studios and small size apartments suitable for students and people visiting Larnaca on a regular basis or work.
BUSINESS MODEL AND BENEFITS
To understand the size and financial importance of this project for the city of Larnaca and in extend the whole of Cyprus, the following Numbers are planned to be developed :
Estimated benefits for the Republic of Cyprus
- The estimated Revenue from this project for Cyprus is expected to reach € 19.6 Billion
- In the region, 4000 jobs plus other temporary jobs are expected to be created
- It has been budgeted to spend on infrastructure alone € 604m and close to € 1.2B to fully complete this amazing project.
And finally, additional 7000 sqm of social infrastructure will be created plus in excess of 10.000 sqm of Academic Institutions within the city of Larnaca and all within the next decade.