Over two years after the failed negotiations with the Larnaca Municipality regarding the significant 'Larnaca Tower' investment in Foinikoudes, Lanomex Development Ltd (owned by Russian investor Nikolai Potapenko) has re-emerged with a redesigned plan for this ambitious project. The company has resubmitted requests for relevant permits, including an Environmental Impact Assessment Study (EIAS), which the Environmental Authority has subsequently opened for public consultation until January 7, 2024.

As stated in the EIAS, this study is the second one submitted in recent years to secure a planning permit for the development of 12 plots in the Foinikoudes area of Larnaca Municipality.

The first application, numbered A/148/2018 and A/149/2018, aimed to construct a 30-floor multi-story building and a 5-star hotel. This application was accompanied by an Environmental Impact Assessment Study evaluated by the Environmental Impact Assessment Committee.

It should be remembered that the opinion on the first EIAS was issued on 01/06/2020, and the Environmental Authority's position was that the project could be implemented, provided that certain conditions were met during both the construction and operational phases.

The new application and EIAS have been submitted following Lanomex Development Ltd's decision to redesign the project. According to the new study, the proposed project involves the construction and operation of a 28-floor, 109-meter-tall integrated mixed-use development in the Foinikoudes area of Larnaca Municipality. It will include residential units, commercial developments, dining spaces, offices, and wellness facilities.

Based on the same data, the residential part of the development will consist of a total of 142 apartments (60 one-bedroom, 62 two-bedroom, and 20 three-bedroom) to be constructed between the 7th and 28th floors. The commercial part will include seven stores (six with mezzanines) on the ground floor and mezzanine.

The design of the proposed project also includes a dining area operating on three levels of the building (ground floor, mezzanine, and 1st floor), as well as professional spaces for use as business offices (business) and open-plan offices on the 1st, 2nd, and 3rd-4th floors. Additionally, two wellness spaces are planned for the 5th floor and the 14th-15th floors.

Furthermore, the plans include the creation of 337 parking spaces, 40 of which are for people with disabilities (seven on the ground floor, 20 on the mezzanine, 50 on the 1st floor, 50 on the mezzanine between the 1st and 2nd floors, 50 on the 2nd floor, 50 on the 3rd floor, 50 on the mezzanine between the 3rd and 4th floors, and 50 on the 4th floor).

The proposed development's plots are marked in red, while existing main developments in the area are in other colors.

It's worth mentioning that during the construction phase of the proposed project, approximately 120 people are expected to be employed, and the construction work for the proposed project is not anticipated to last more than three years. During the operational phase, about three hundred (300) new job positions are expected to be created.

Notably, the implementation plots of the proposed project are located in the Foinikoudes area of Larnaca and include a parking space, as well as scattered old and/or abandoned buildings that are continually degrading and are planned to be demolished, with the company already having secured the necessary permits.

According to the project owner, the purpose of implementing the proposed project is to exploit this particular space by creating an integrated mixed-use development, offering services that will positively impact Larnaca's local community, improving quality of life, strengthening the labor market, and promoting economic growth without significantly burdening the environment.

The need for the project's implementation, as emphasized in the Study, arises from the continuous development of the area and the increasing demand for residential spaces, professional workspaces, and commercial stores. The construction and operation of the proposed project are expected to bring the following socio-economic and developmental benefits to the local community:

• Improved quality of life for residents,

• Upgrading and enriching the area's uses for the benefit of both residents and visitors, through the creation of hospitality, recreation, wellness areas, and professional spaces,

• Contributing to the area's development through the creation of multiple job positions,

• Aesthetic and functional enhancement of the area.