The much-awaited Larnaca port and marina €1.2 bln redevelopment will soon take shape as Kition Ocean Holdings; the consortium awarded the project, said construction begins on 1 April.
Panos Alexandrou, the Cypriot-Israeli consortium’s CEO, said the project is on track, aided by the support and cooperation of the government and Larnaca Municipality.
The first phase starts in April with upgrading existing service buildings in the marina to offer boat owners a first taste of the overall project.
Services offered to boat owners will include smart upgrades by introducing applications and services accessible through their smartphones.
“The area will be enriched with more trees, pavements will be widened, and new lighting installed as part of the first upgrades the Larnaca Marina will see,” said Alexandrou.
Alexandrou assured that mooring fees in the new Larnaca Marina would not be prohibitive for the existing users, most of whom have already been informed and have expressed their satisfaction.
While work is being carried out at the new marina, the breakwater will be lengthened, and artificial reefs will be created.
The CEO pointed out the whole project will be energy self-sufficient, ensuring the protection and sustainability of the surrounding environment and significantly reducing noise pollution.
It is estimated the project will generate revenues of around €12 bln for the government.
It will create about 4,000 new jobs, calculating those directly tied to the marina operations and businesses that will open outlets in the commercial areas.
The work will be carried out in four phases over 15 years.
The BOT project will see the government receiving fixed rent and a percentage of the revenue through a concession agreement with the port/marina operated on a 40-year lease and the real estate acquired on a 125-year lease.
After 40 years, the port and marina can be handed back to the government.
Reconstruction of the existing marina will accommodate 650 yachts and offer facilities such as boat repairs.
The upgraded marina will also accommodate mega yachts up to 150m.
Works include constructing the Marina Yacht Club with offices, cafes, event venues, sailing and diving schools.
An upgraded Larnaca port will accommodate ships up to 450 metres in length, such as luxury cruise ships, energy exploration vessels, military, and other merchant ships.