New Limassol Marina - Final Plans unveiled | News

New Limassol Marina - Final Plans unveiled

THE FINAL plans for the €250million Limassol Marina project were released yesterday at Limassol Town Hall by project architect Saverios Vrahimis. Work on the large-scale project at the heart of the old Limassol’s seafront is expected to start soon and be completed by 2011.

The creation of the marina is expected to transform the area and contribute to the development of a more diverse tourist product on the island. “The project is exceptionally significant for Limassol and for Cyprus – it is the first project of this size. It will have a positive impact on all levels of development and give a new direction for tourism.

The marina will be located to the west of the old port, taking over the entire seaside area from the old to the new port. “Its placing at the front of town will contribute to the development of Limassol’s southern areas, including the Turkish Cypriot neighbourhoods and Omonia, which have not yet benefited from tourist development.”

The Minister of Commerce Industry and Tourism Antonis Paschalides was also present at yesterday’s mastrerplan presentation. Paschalides thanked the previous administration, crediting his predecessor with successfully bringing the project to fruition. Paschalides also noted the project’s significance in promoting nautical tourism.

“Our vision is that nautical tourism becomes a basic axis of development on the island, as thousands of visitors will be able to enjoy the unique experiences that our sea so generously offers,” he said.

It will accommodate up to 1,000 vessels and 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 marina will be constructed and managed by the Built Operate and Transfer (BOT) method, which involves a strategic investor building and managing a project for a number of years, and then transferring it back to the state. In this case, 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 & Stefanou, Ioannou & Paraskevaidi, Athena ATE, Cads, Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.

The new Limassol and Coral Bay Marinas, along with 10 new golf courses are part of the blueprint for enhancing the leisure facilities that will be transforming Cyprus over the next few years. It is expected that these major changes will attract many thousands of discerning visitors to the island, whilst driving up the demand and prices for luxury villas and properties in Cyprus.

With the increase in the number of marinas across the island Cyprus is expecting to become the centre for sailing and will compete with some of the major Turkish sailing resorts such as Fethiye and Gocek on Turkey's West Mediterranean coast.