The go ahead for the €1.2 million redevelopment of the Larnaca Marina and Port after the Transport Ministry announced on Monday the successful conclusion of the international tender.
The consortium awarded the project is Kition Ocean Holdings, of Cypriot-Israeli interests.
The project includes the restructuring of the marina for at least 650 berths, a new yacht club, private island, a retail park, creative architecture, the port and residential and commercial developments which in total span 510,000 square metres. Investments are expected to exceed €1 million and once the development is complete the Ministry estimates added financial benefits to the economy of over €120 million annually.
The complete project is expected to be completed within 10 to 15 years. Two luxury hotels, office buildings and luxury apartments of 13 – 15 floors will be included in the development.