articles | 29 June 2022

New property development for Larnaca

Larnaca’s makeover is not limited to the €1.2 billion redevelopment of its marina and port already taking shape, as two residential towers and a hotel called the Staston Project has been given the green light from environmental authorities.

The project, located in the area of Chrysopolitissa, will consist of a tower rising 19 floors and 75.55m, another consisting of 27 floors reaching 103m, and a five-star hotel with 25 floors, with a height of 100.75m.

The two towers provide 97 apartments, and host cafes, restaurants, shops, a gym, and a spa, with 218 parking spaces.

The five-star hotel will have 168 rooms and host hospitality venues while providing 133 parking spaces.

According to the project’s environmental impact study, the owners aim to meet part of the housing and tourism needs of the greater Larnaca area.

For the proposed hotel unit, an application has been submitted for a derogation from the Larnaca Local Plan, as in this area, the development of a hotel is restricted to 80 rooms.

The proposed project is located about 500 meters north of the centre of the municipality of Larnaca and southwest of the port of Larnaca.

The Larnaca Marina is some 200 metres southeast of the project, while the area of Phinikoudes is about 300 metres southeast of the proposed project.

The town has been attracting new investments with upscale tourist projects destined on the Dhekelia coastal front, once occupied by fuel and gas storage tanks.

Among the projects nearing completion is the Radisson Beach Resort – a world first – on the Dhekelia Road, where the Princess used to be.

The Radisson Hotel Group has signed a deal with Larnaca’s Quality Group and SunnySeeker Hotels to have six branded hotels in Cyprus after the Radisson Blu opened near Larnaca port.

Meanwhile, the largest property owner on the Dhekelia coastal front, Petrolina Holdings, is ready to explore project development such as holiday homes or a hotel.

CSE-listed Petrolina Holdings set up a subsidiary company, Petrolina Bayfront, acquiring three plots from ExxonMobil on the Larnaca-Dhekelia road.

After dismantling their fuel tanks, Petrolina acquired ExxonMobil’s properties in a €30 million deal, which they plan to incorporate into their bayfront property development.

Source: Financial Mirror

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