Larnaca preparing for first mall

Larnaca is set to see the construction of a Mall within the next 18 months, while local authorities prepare to address challenges it will bring along.

The Larnaca Municipality announced on Wednesday that the town planning permit for the Metropolis Mall has been issued, after the final touches were added to the contracts, while mayor Andreas Vyras says that the building permit will also soon be issued. However, the mayor said that the development does not come without its share of negative effects.

While the town’s municipality has already pocketed some EUR 100,000 from the various licensing, another EUR 2 mln is expected to find its way to municipality coffers as part of a deal made between the South African developer company Acsion Ltd. The money will be given as a form of compensation by Acsion and it is to be used to revitalise the town’s commercial centre. Larnaca’s Mayor Andreas Vyras told the Financial Mirror that the town’s commercial heart will to some extent be negatively affected as studies have shown.

The cost of the South African investment is estimated to reach EUR 60 mln and as the investor has stated, the whole project will be ready within 18 months from the day of the issuance of the building permit.

Larnaca’s Mayor told the Financial Mirror, the project is to receive next Wednesday.

Metropolis Mall, which is to be built by the South African company on land belonging to the Church, covering an area of 33,000 sq.m, located behind the town’s military training camp (KEN) and opposite of the parking lot of the new GSZ Stadium.

The mall is to host over 100 stores, a supermarket, a cinema, as well as accommodate 1530 parking spaces.

Commenting on effects the project have on the town, Vyras said that expected to present a challenge for authorities.

“Investments of this size always bring along some positive effects, such as job opportunities and add value to the area. However, they do come with some challenges that we need to address. Such a big mall will of course put stress on local small to medium businesses”, said Vyras.

He said that municipal authorities will do all that they can to minimise the impact on local shopkeepers.

Vyras said that despite the challenges it presents, the Metropolis Mall has a role to play in the overall development of the town. Apart from the Mall, the town is set to see significant development in almost all areas of life.

The municipality alone has four projects

its building permit is to it is local worth EUR 13 mln in the pipeline.

“On 24 September the project to upgrade the Municipal Market, worth EUR 6 mln will begin, while projects like the renovation of the community centre and the (historic) English Club, worth a total of EUR 5 mln are in the pipeline,” said Vyras.

There will also be a EUR 2 mln road improvement project which is to kick-in before the end of the year.

Apart from municipal projects, sector initiatives will change the image significantly.

Vyras said that a total either being built or in private town’s

of 12 hotels are the process of acquiring the necessary licenses. Two of the hotels are to be built in the popular McKenzie area, while a five-star hotel is to be built on the Phinikoudes seafront by a Russian investor.

And the first business-focused hotel – the Radisson Blu also recently opened in Larnaca.

Larnaca’s mayor also spoke of the construction of four high-rise buildings which are to be reviewed by the town’s council for licensing. He also added that a series luxury flats are to be built in the McKenzie area, as all licenses have been attributed