A luxury hotel complex worth over €80 million will be built on the coastal front of Finikoudes in Larnaca, following recent approval by the town’s municipal council.
The project – to be financed by Russian investors – will take over the space where ‘Hobos’, ‘Lefkaritis’ parking area and old municipality building are located.
The agreement provides that a substantial amount of money goes towards the smartening up of Finikoudes coastal front as well.
Construction is expected to begin towards the end of 2015, as the Russian investors are getting ready now to submit draft projects before the town planning department.
Larnaca municipality expects to get €5 million from the sale of its old building plot and this money will go towards the setting up of a new open market. This is a long-standing demand by Larnaca taxpayers.
Source: InCyprus
