Larnaca Tower plans progressing

 It looks as if a high-rise development ‘Larnaca Tower’ will soon get underway in the seafront area of Phinikoudes if the paperwork submitted by the Russian investor Nikolai Potapenko is approved by the authorities

The Russian business tycoon told that his plans for the project started in 2011, when Cyprus was struggling to overcome an economic recession. Potapenko also said he has been investing money in Cyprus for several years, referring to another big investment of his company that took place in Pervolia area, the Faros Village.

This time, Potapenko is proceeding with a multimillion investment, the Larnaca Tower in the heart of the Larnaca famous seafront, Phinikoudes, which is estimated to cost around €170 million. The new building that will include luxury apartments and offices as well as a 5-star hotel will to take over the space where Hobos restaurant and Lefkaritis parking area are located.

The construction of the long-awaited project is expected to begin in April 2019, provided that all required licences are issued in due time. The original plans, reported by Politis in February, included the construction of two buildings; one of 11 storeys and the other of 29 storeys.

The 29 storey building would comprise 160 luxury apartments, a small mall on the ground floor with 20 stores plus office spaces and underground parking for 440 vehicles.