FOLLOWING the announcement for the construction of a Limassol Marina, the Ministry of Commerce has pledged that three more marinas, in Paphos, Larnaca and in Ayia Napa are in the works. The creation of the three marinas aims to render Cyprus a major attraction for nautical tourism in the Mediterranean.
The agreement for the creation of Limassol Marina was signed yesterday between the Minister of Commerce Antonis Michaelides and Marios Lanitis, representing the “Limassol Marina” group of companies, which will be responsible for the construction and management of the marina through the BOT method.
“The Limassol Marina is a project which will differentiate the city of Limassol and will alter Cyprus’ status,” said Marios Lanitis. “The project, situated at the heart of Limassol, is in complete harmony with the surrounding area, and it will create growth opportunities for Limassol, making it a landmark development for Cyprus as well as for the nearby region.”
“This is a project of great importance for the city, but also for the whole of Cyprus,” said Andreas Christou, Mayor of Limassol. “It is the first Marina to be constructed using this method, so the experiences gained and all aspects of the preparation will act as the basis for future agreements.”
Limassol Marina will be the first of four to be constructed in Cyprus, as Minister Antonis Michaelides confirmed yesterday. “I am pleased to announce that the evaluation and bidding procedure for a Paphos Marina are in their final stage,” he said. Limassol Marina and Paphos Marina will have a capacity to hold 1,000 boats each, while Ayia Napa Marina will be able to house 600 boats.
In addition to the creation of the new marinas, the state announced plans for the improvement of Latsi and Kato Paphos areas, as Marinas and as fishing refuge spaces. “We are thus enriching the entire seafront of free Cyprus. Luxury vessels, alongside fishing boats with Latsi and Paphos in the background will make up a landscape of unique beauty. These will be the most beautiful marinas in the Mediterranean,” Minister Michaelides said.
Preliminary studies for Limassol Marina were initiated in 1992 with a vision of developing Cyprus’ nautical tourism product. The bidding announcement procedure did not start until 2003 and stalled due to the lack of interest from would-be investors. When the successful bidder was found, other problems ensued such as removing the marina area from the beach protection zone, assigning the necessary status to the area, approving Limassol Local Action Plan 2006 and negotiating the terms of an agreement that allows the Hanseatic School to remain in the marina area.
Limassol Marina will offer a range of services including dining, residential, shopping and conference space. A green park will surround the marina, while all buildings within it will adhere to old Limassol’s traditional architecture standards. The total cost for the project amounts to €170 million. Construction work will start in six months and will be completed in three years.
The strategic investor will execute the plan and manage the marina for 53 years, and retain profit rights for 37 additional years. The ‘Limassol Marina’ group of companies comprises J&P Avax A.E., Cybarco PLC, Frangoudi & Stephanou, Ioannou & Paraskevaides Ltd., Athena ATE, CADS Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.
Mayor Christou said the marina was part of a general vision and a series of projects aiming to direct the character of Limassol back to where it belongs: the sea. “This important project adds to a chain of many and important works undertaken by Limassol Council along the coastal zone, in order to showcase Limassol’s identity, its naval and sea character.
“Olympion Coast, the reclamation area where improvement works will start in a year, the completion of Phytidion Athletic Centre, the old port which will also be improved this year, the Nautical Museum, the marina, the conference centre which we want to be placed between the old and new ports, the new passenger lobby, the port roads, the plan for the improvement of the road to Lady’s Mile beach using environmentally-friendly material, with pedestrian roads, parking space, lighting and services, but also other smaller projects, turn Limassol towards its natural element, which is the sea and make the city one of the most attractive destinations in the Eastern Mediterranean,” Christou said.
