415 Million Euro Investment Plan for Larnaca Port and Marina

The Cyprus Ports Authority (CPA) has proposed a 415 million euro roadmap extending to 2045 for the comprehensive renewal of the port and marina in Larnaca. According to the proposal, the port and marina will be organized into three main projects: the renovation of land areas, the expansion of the marina, and the modernization of the port. The goal is to create an integrated seafront that includes not only marine structures but also commercial and social areas on the 85,000 square meters of land adjacent to the port, spread over a twenty-year period. This ambitious plan aims to breathe life into a critical area that has been idle for the last twenty years and saw three previous attempts with private investors end in failure. The project envisages that public ownership will be maintained in terms of financing and implementation, but private sector investments will be encouraged through various cooperation models.

The budget of 415 million euros includes the modernization of the marina and port as well as the development of land areas. Financial estimates are given with an approximate margin of fifty percent, and the first phase of the project is based on works scheduled to begin in 2027. During the design process, a 'Concept Master Plan' will be created with the contributions of experienced architects and planners. This plan will be used as a fundamental tool to guide the entire development, and detailed cost analyses will be finalized once the project's feasibility studies are completed. Additionally, consultations with the Larnaca Development Committee and the inclusion of stakeholders in the process are mandatory to ensure the project is in harmony with local dynamics.

One of the most striking and frequently requested parts of the project is the urban transformation of the marina's land areas and the region extending to the port. With an investment of approximately 190 million euros, the land areas will connect the coastal strip stretching from the Finikoudes region to the old refinery areas. In the region, a new highway network, multi-story car parks, pedestrian and bicycle paths, and public spaces will also be created. The priority determined in local planning is the relocation of existing shipyards (karayaka), which negatively affect land development due to noise pollution, to more suitable locations. In this way, the coastal strip will be completely restructured both aesthetically and functionally to become an attraction center offered to the use of the public.

The development schedule has been determined with a detailed program based on funding sources and responsible institutions, and gradual progress is envisaged between 2027 and 2045. First, between 2027 and 2028, an expenditure of approximately 5 million euros is planned for the arrangement of existing areas and the relocation of shipyards. In subsequent phases, between 2028 and 2031, investments for infrastructure, new car parks, green spaces, and sports facilities will continue to increase. The largest cost items will be structures such as hotels and a conference center planned to be built between 2031 and 2036. These structures will be financed by the private sector or the municipality and aim to increase the tourism potential of the region.

According to the project's schedule, office spaces, retail stores, restaurants, and entertainment venues are among the important parts of the development plan. Additionally, cultural and educational facilities such as the Nautical Club, exhibition areas, and an Excellence Center (CMMI) focusing on high technology are included in the plan. With a vision of a smart and sustainable city, all these areas will be built according to modern architectural standards. This comprehensive investment strategy aims to enable Larnaca to go beyond being just a port city and transform into an important trade and tourism center in the Mediterranean.