Larnaca municipality sold off the land formerly housing the town hall for €5 million to Lanomex Development Ltd which plans to construct a luxury five-star hotel, a shopping complex, apartments, offices and recreational and leisure developments in the Phinikoudes area.
According to a statement, Larnaca Mayor Andreas Louroutjiatis said: “This is a very important investment that will give Larnaca a new lease of life at a critical period for the Cypriot economy.”
“The potential of this particular investment proves that Larnaca has the capability of attracting serious and reliable foreign investments that contribute towards creating a positive business climate for financial development and creating new jobs,” he added.
Lanomex, a Russian company, said they would also rejuvenate some public areas surrounding the development at a cost of €1.2 million and has received planning and building permits, the Cyprus News Agency reported.
The agreement follows a Cabinet approval.