A major new marina project is progressing rapidly in Larnaca.
Kition Ocean Holdings CEO Panos Alexandrou said on Wednesday, February 7, that the restoration of the wooden pier is currently being completed and is expected to open to the public by the end of February.
Alexandrou said that modern lighting is being installed on the pier. At the same time, repairs to the existing metal and wooden seating have been completed, maintenance has been done on the lighting poles, and modernization of the existing historic crane and two lighthouses located on the waterfront. In addition, workers restored the Nautilus buildings. It will soon house a museum dedicated to the city's history. As for the laying of the first stone in the construction of residential facilities, it is scheduled for mid-April 2025.
Plans to privatize and reconstruct the marina were disrupted by years of delays and the unwillingness of investors to participate in the endeavor.
Back in 2010, the government struck a deal with the Zenon consortium for a €700 million project to transform the existing port and marina. The consortium was unable to raise the necessary funds, although the government extended the deadline to 2015 when the deal was eventually canceled. The reason at the time was cited as the recession and the banking crisis of 2013.
A new tender was later announced. The winner of the tender was the Cypriot-Israeli consortium Kition Ocean Holdings. According to the contract, the state leased the port and the Larnaca marina for 40 years, and the real estate on their territory for 125 years.
The cost of the project is estimated at 1.2 billion euros.
It was decided to divide the realization of the project of the integrated development of the port and marina into several phases.
- During the first phase, the territory of the port and the marina will be connected to the coastal zone of the city, the alley Finicudes, and the road leading to Dekelia. Port management buildings, the Maritime Club, a multifunctional center, and a passenger terminal will be built.
- During the second phase, high-rise residential buildings, stores, entertainment facilities, and parking lots will be built in the marina. In addition, a 5-star hotel will be built overlooking the Finicudes and the marina.
- The third phase will be dedicated to a futuristic residential complex with panoramic views, which will house a restaurant in addition to apartments. A hotel, a conference center, and a complex of private villas with gardens, swimming pools, and private moorings will be built. There will be auxiliary infrastructure for the marina, including repair shops for yachts, an AIK substation, as well as storage facilities for yacht equipment.
- The final fourth phase of the project will see the construction of another complex of private villas with gardens and swimming pools, several residential and commercial buildings, and warehouses in the harbor area.