Despite having received building permission, the Larnaca Tower project has been delayed.
It was recently announced that the Cypriot branch of the National Bank of Greece has filed a lawsuit against the developer, Lanomex Development Ltd, demanding repayment of a debt of €600,000. The bank has also sent a notice to the Larnaca municipality stating that the investor is not allowed to sign any contracts until the debt is paid in full.
The Larnaca municipality has sent a copy of the decree to its legal advisers to decide whether, under the circumstances, it can allow the developer to proceed with the major project. Once the experts have completed their work, the documents will be sent to the Larnaca District Organisation (Επαρχιακών Οργανισμών Αυτοδιοίκησης), which will take the final decision on whether or not to grant the developer an urban planning permit.
It is recalled that the Ministry of the Environment issued a positive decision on 9 October 2024. The 28-storey building would be built next to Finicudes Alley, on the site of the Hobos restaurant.
The height of the tower is 109 metres, according to the project. It will include apartments, shops, restaurants, offices and a wellness centre. The total surface area is 4,585 m2. It should be noted that this is not the first attempt to build Larnaca Tower. Initially, the Russian investor's application included the construction of a 30-storey tower and a 10-storey 5-star hotel. However, the large-scale project could not be realised. The department did not approve its development. The project was shelved for 2 years.