It will take the Ports Authority twenty years to complete the Larnaca Marina and Port, as outlined in the roadmap it will present tomorrow to all stakeholders.

The master plan, obtained and presented tonight by ALPHA, includes a timeline extending to 2045 for three specific sub-projects, which will run concurrently.
 
The first sub-project, for the redevelopment and expansion of the Marina’s land areas and adjacent land, is estimated to cost approximately 190 million. The project involves the beautification of existing areas, the relocation of existing boathouses from the marina to the northern end of the port, the development and implementation of infrastructure, public spaces and green areas, new parking spaces and the relocation of existing ones to the new areas, and a preliminary building plan based on the land-use designations of the local master plan.
 
Subproject B concerns the redevelopment and expansion of the Marina and is expected to cost 20 million;
this includes: Maintenance of Existing Infrastructure, new service buildings, the extension of the leeward breakwater, the southern pier, and floating docks.

The third project concerns the modernization and development of the Port of Larnaca and will cost 205 million. It involves: maintenance of existing infrastructure and upgrading of the network, port equipment, maintenance, demolition, or construction of new buildings, demolition of warehouses, new Southwest and Northwest Quays, New Leeward Area and Harbor Basin, Expansion of the South Quay and Breakwater.

In total, the project is expected to cost 415 million. Of course, what is concerning is that the Authority, in the roadmap it presents, allows for a 50% increase or decrease in the final cost, a margin that does not rule out in advance the possibility that the cost could reach 622 million.

Furthermore, reference is made to key reservations concerning technical and legislative issues, including licensing issues with the Authority, a fact that does not rule out the possibility of further delays to the project—beyond the 20-year timeframe.

At the same time, the report also highlights the key risks related to the project’s lack of viability and the inability to attract investors.

See the report by Kleio Vourkou:

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