A new-look Larnaca marina will be unveiled on 20 September, announced Kition Ocean Holdings; the Cypriot-Israeli consortium awarded the €1.2 bln redevelopment project that includes the port.
Just months after taking over from the government on 1 April, Kition Ocean Holdings said that within the next two months, much of the work at the Marina would be completed.
Kition’s CEO Panos Alexandrou told news site Stockwatch: “Work on the marina is underway. So is working on a restaurant, a cafeteria, a playground and three new stores which will open on 20 September”.
He said the firm plans a Grand Opening celebration with concerts from Greek singers, firework shows and other surprises.
He added that the first 150 parking spots would also be available for visitors by the time of the opening.
“Soon, work on the outdoor cinema will start where young people and families will be able to enjoy movies under the stars every weekend”.
Festive events are planned for the Christmas holidays to draw visitors across the island.
“in two weeks, we will be submitting to the municipality of Larnaca, as the town planning authority, our petition for building permits for the first buildings that include the yacht club, the porter’s offices at the port”.
He added that subsequently, they would be applying for building permits for the hotel and residence complex planned to be built in Marina’s surroundings and the commercial complex.
Alexandrou said the whole project would be energy self-sufficient, ensuring the protection and sustainability of the environment and significantly reducing noise pollution.
It is estimated that the project will generate revenues of around €12 billion 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 returned 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.
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.