International News: New marina in Limassol

Limassol Marina gets green light

By IBI Magazine. After years of delays and wrangling, the development of a near 600-berth marina in Limassol, Cyprus has finally been given the green light of approval.

Antonis Paschalides, the Cyprus Minister of Commerce, signed two final agreements this week that signal the start of construction.

When completed in 2012, Limassol Marina will have 586 berths for yachts of various sizes, as well as shopping, conference and eating facilities. Plans also include 280 units, 160 of which will have their own private moorings, and luxury apartments.

Earlier this month, IBI reported that the Limassol project had been called into question with regards to its environmental and social impact. The €350m-plus project will cover a land area of 100,000m2, and a sea area of 170,000m2 and will be able to host up to 1,000 vessels.

Limassol Marina will be constructed and managed under a Build-Operate-Transfer (BOT) agreement with Limassol Marina Ltd; a joint venture comprising J&P Avax A.E., Cybarco PLC, Fraggoudi & Stefanou, Joannou & Paraskevaides (J&P), Athena ATE, Cads Holding Ltd and Limassol CCI via the Limassol Marina Development Company.