Demolition of oil storage facilities continues in Larnaca.
Meanwhile, several large companies have expressed interest in building various commercial and residential projects in the area.
By the way, if the Department of Environmental Protection of Cyprus issues a permit, the first two major projects will start to be realized in 2024. In particular, we are talking about a complex being a part of Petrolina's Land of Tomorrow scheme and two towers of Solvin Ltd.
According to the local municipality, the new image of the Dekelia area will largely be shaped by five companies that own the lion's share of private land on the vacated 3-kilometer coastline. Among them: are Petrolina, Solvin Ltd, ΕΚΟ Cyprus, Synergas, and Intergaz.
However, the most ambitious project in the area, estimated to cost more than €1 billion, belongs to Petrolina Group, which owns the largest area. "Land of Tomorrow" is a project that will transform one of the largest neighborhoods in Larnaca, improving the image not only of the city but also of Cyprus internationally. It will cover an area of 400 thousand m2. The huge complex will include more than 8 thousand residential units, offices, and stores.
Petrolina Group CEO Dinos Lefkaritis said that the first development of the project will probably take place on the beach in a 60 thousand m2 block from which the company's large oil tank was removed.
On August 2, we submitted the master plan for a building permit to Larnaca municipality. We are waiting for the license to be issued to start the works. At the same time we are in talks with some investors and I think that once we get the permit, part of the development will start probably during 2024," Lefkaritis confirmed.
The Petrolina Group CEO also revealed that the company has completed the dismantling of the LPG facilities. The large sphere has already been demolished, but some sheds remain.
As for soil cleaning, some areas are already clean, and we are submitting documents to the Department of Ecology for inspection. But there are also areas where it will take us about a year to say they are cleaned," Lefkaritis continued.
The second major player in Larnaca is EKO Cyprus, which owns a 55 thousand m2 plot of land, next to the port of Larnaca.
The oil company has already submitted a master plan to the Larnaca municipality for a building permit. EKO Cyprus Managing Director Yorgos Grigoras gave the first detailed presentation of the company's plans.
The development envisages many points of interest as it includes not only residential buildings but also commercial projects of tourist and professional interest with a simple yet impressive design approach," said Grigoras.
He also emphasized that the company tries to actively participate in the development of the city.
We have taken an even more significant step and developed a comprehensive master plan of a non-binding nature, showing how the area can become a pole of attraction for social, tourist and commercial interests. The master plan reflects the complete vision of the proposal, with a central philosophy of simple architectural lines, the inclusion of green elements and, above all, the project's connection to both the greater coastal area of Larnaca and the new port and road network," Grigoras emphasized.
It should be noted that EKO Cyprus was the first to complete the decommissioning of the liquid fuel plants in the Dekelia area.
The works started in February 2023 and were completed in record time for such a project, in April of the same year, Grigoras recalled, specifying that the company is the only one to have obtained a permit from the Department of Environment for soil decontamination.
As for the company Solvin Ltd, it expressed its desire to build two towers of 67.6 meters in height on an area of 27,224 m2 in Dekelia district, as well as a 2-level parking lot. The development will be carried out on plots acquired by the company from private individuals, unrelated to the activities of oil companies.The investment, as mentioned by Solvin Ltd director Polis Kourousidis, will exceed 50 million euros.
We have submitted all environmental studies and are waiting for the approval of the Department of Environment. We expected to start this year, but there is a delay with the issuance of the license. As soon as the authorization is granted, we will announce the start of the project. We want to believe it will be done during 2024," Kourousidis said.