The first major development of the coastal area of Larnaca, where the oil refinery used to be, will launch at the end of 2025.
This was announced by the CEO of the Petrolina Group, Dinos Lefkaritis, on Thursday 20 February.
This is the first phase of the implementation of the major project 'Tomorrow's Land'. According to Lefkaritis, the works will cover an area of 32 thousand m2. The CEO of the Petrolina Group said that the building permits will be obtained in the coming weeks.
In the first phase, we plan to build two buildings with 150-200 apartments. The maximum height of these buildings will be 15 storeys. Their completion is planned for 2028-2029", - he noted, adding that now they are actively discussing the next stage of the project.
Recall that 'Tomorrow's Land' is a project that will transform one of the largest neighbourhoods of Larnaca and improve the image not only of the city, but also of Cyprus internationally.
It will cover an area of 400,000 m2. The project has been designed by world-renowned architects Foster + Partners. Its total cost will exceed 1 billion euros.
The huge complex will include: more than eight thousand residential units, offices, shops, restaurants, bars, a luxury 5-star hotel, a modern conference centre, event facilities and more. About 20 thousand trees and shrubs will be planted on its territory.
It should be noted that the development of Larnaca has been severely delayed. A key factor in this delay has been the limited supply of residential land. Until recently, the airport on one side and the fuel terminals on the other were the city's boundaries. With the removal of the oil tanks and the opening up of the area, there is a huge space for development.