Livadia is becoming one of the fastest-growing areas of Larnaca.
This is where a lot of new residential and commercial developments are being developed.
This has been facilitated by the removal of oil storage tanks from the former oil refineries. In turn, the revocation of the Seveso Directive in May last year, opened the way for the development of a huge area and attracted the interest of foreign investors.
We have never faced such a situation before. The demand from investors is unprecedented for Livadia," said Livadia Mayor Marios Armenis.
He noted that investments amounting to 115 million euros are being made only in the territory freed from oil storage tanks. At the same time, the interest is not limited to a specific area, but extends to the entire territory of the municipality. The mayor also said that a large residential construction is currently underway in Livadia, the budget of which will reach 20 million euros. And this is not counting small apartment buildings and individual projects.
According to Armenis, after the abolition of the "Seveso" directive, an area of 42 km2 has been freed up. Of this 65% is in the municipality of Livadia, and the rest belongs to the municipality of Larnaca, on the borders of which is a gorgeous 3-kilometer beach. The development of the coastline, 80% of which is owned by oil companies, is still slow as there is a lack of soil clearing and restoration of the beach lost to erosion. But, the case is different with the land belonging to Livadia. This area starts from the former oil refinery and reaches the borders with the municipality of Oroklini. Soon there will be residential and tourist developments, beautiful modern neighborhoods and green streets.
Among the most ambitious projects, Armenis mentioned the construction of a residential complex, which includes 273 luxury apartments, worth 50 million euros. This project is owned by an Israeli. The same businessman, who is investing in Cyprus for the first time, intends to build a boutique hotel in the same area, which, as the mayor noted, will be the first hotel within the municipality of Livadia. The development will take place in a tourist area next to the Larnaca Marine Club, facing the sea. An application for a building permit has already been submitted.
At the same time, the first project on the vacated territory has already started next to the former oil refinery and is being realized by a Cypriot developer. It is a €30 million investment in luxury apartments and stores. Moreover, in the coming months, according to the mayor of Livadia, two other Cypriot developers will build three large residential complexes with apartments in the tourist area, the total cost of which will amount to 35 million euros.
Meanwhile, two projects worth 4.5 million euros, which are in the process of implementation, are considered important for the revitalization of the image of the district. These are the revitalization of the traditional core of the community and the creation of an ecological park near the vacated area. Livadia Municipality's plans include the complete reconstruction of Makarios Street, the replacement of street lights, creation of pedestrian paths and asphalted roads. The city's flood protection system, some of whose channels have fallen into disrepair, will also be completed. Another initiative of the authorities is the opening of a new sports center based on the Livadia Lyceum. The project includes basketball, volleyball, and tennis courts, as well as a stadium with running tracks. The sports center will be accessible not only to the school's students but also to all other interested parties.