An impressive Larnaca Tower construction project is evidently closer to being developed with Nikolai Potapenko.
A Russian investor, Mr Potapenko has submitted all the necessary paperwork for the development of the Larnaca Tower project. And, he has expressed confidence in the fact that they will be approved.
Nikolai Potapenko communicated his plans to Phileleftheros newspaper. He stated that the project began to take shape in 2011. A time when Cyprus was still going through an economic recession. The Russian Business Tycoon also claimed that he had already been investing money in Cyprus for years. An example is a sizeable investment his company made to develop the Pervolia area; known as The Faros village.
Following the completion of The Faros Village, Potapenko now wishes to start his multimillion euro investment named known as ‘The Larnaca Tower’.
The high-rise building will be situated in the heart of the Phinikoudes. A famous seafront road in the centre of Larnaca. The project is estimated to cost approximately €170 million. The new structure will house luxury apartments, offices and a 5-star hotel. The development will be on the site where the Hobos restaurant and Lefkaritis parking area are located.
The construction of this long-anticipated project is expected to begin in April 2019. Provided that all required licences are issued in due time.
In April the Cyprus Mail reported that amendments to the agreement between Nikolai Potapenko and the Larnaca Municipality had been reached. These amendments concerned revised payment terms for Potapenko’s purchase of a municipal unit on Athens Avenue.
The hotel would be housed in the 11-storey building with a capacity of 100 rooms. The luxury apartments would be located in the 29 storey building with a capacity of 160 apartments. A small mall will also be situated on the ground floor with 20 shops, office spaces and underground parking that can hold 440 vehicles.
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