It looks as if ahigh-rise development ‘Larnaca Tower’ will soon get underway in the seafrontarea of Phinikoudes if the paperwork submitted by the Russian investor NikolaiPotapenko is approved by the authorities
The Russian business tycoon told that his plans for theproject started in 2011, when Cyprus was struggling to overcome an economicrecession. Potapenko also said he has been investing money in Cyprus forseveral years, referring to another big investment of his company that tookplace in Pervolia area, the Faros Village.
This time, Potapenko is proceeding with a multimillioninvestment, the Larnaca Tower in the heart of the Larnaca famous seafront,Phinikoudes, which is estimated to cost around €170 million. The new buildingthat will include luxury apartments and offices as well as a 5-star hotel willto take over the space where Hobos restaurant and Lefkaritis parking area arelocated.
The construction of the long-awaited project is expected tobegin in April 2019, provided that all required licences are issued in duetime. The original plans, reported by Politis in February, included theconstruction 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 andunderground parking for 440 vehicles.