The much-awaited Larnaca marina and port €1.2 billion redevelopment will be a landmark for Cyprus, says Kition Ocean Holdings, the consortium awarded the project, calling on stakeholders to pull together.
Panos Alexandrou, the consortium’s CEO, called on all stakeholders, from boat owners to professionals in marine tourism, to join together in a spirit of cooperation to benefit the country.
Cyprus’ largest investment project will provide boat owners with upgraded services, infrastructure and increased security.
Alexandrou said the upgrade of services would result in a small increase in berthing costs “which have not been revised since 2009”.
Kition Ocean Holdings CEO pointed out the fees will be the same for all boat owners, existing and new, docking at the Larnaca Marina, explaining that the increase will be minimal.
Alexandrou said the consortium would set up berths at another location within the marina during reconstruction works regarding the mooring of boats.
It will apply to all boats, even leisure ships, which are moored on the protected dock, which will be upgraded.
Making special reference to the owners of tourist ferry boats, he indicated that they would be given a specific space for passengers to pass through the new Larnaca marina for boarding and disembarking.
“Our goal is to deliver a milestone project, which will lead to a new era of development with benefits for the economy and the society,” said Alexandrou.
It is estimated the project will generate revenues of around €12 billion for the government.
The project 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, with construction starting in 2022.
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.
Also, the works include the expansion and reconstruction of the existing marina to accommodate 650 boats from 5 to 150 metres long and offer facilities such as boat repair and services.
The upgraded marina will also accommodate mega yachts up to 150m.
Works include constructing the Larnaca 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.