€533 million ‘Land of Tomorrow’ project to transform former Larnaca refinery site

Economy developmentsLarnacaTop News €533 million ‘Land of Tomorrow’ project to transform former Larnaca refinery site €533 Million 'land Of Tomorrow' Project To Transform Former Larnaca Refinery Site Relevant News €533 million ‘Land of Tomorrow’ project to transform former Larnaca refinery site 9 July 2026 Cyprus at centre of Predator spyware lawsuit following Greek convictions 9 July 2026 Violent brawl breaks out in Xylofagou, alarming residents (photos+video) 9 July 2026 Angelos Nicolaou 9 July 2026 FacebookXWhatsAppEmailPrintViber The site of Larnaca’s former oil refineries is set for a radical transformation under a €533 million development project called “Land of Tomorrow.” Details of the scale and scope of the project have emerged in an Environmental Impact Assessment Study (EIAS) submitted to the relevant authority for approval of the General Town Planning Study. According to the study, Petrolina (Holdings) Public Ltd is planning a large-scale, mixed-use development combining residential, business and leisure functions. The development site includes parcels where Larnaca’s former refineries once operated, covering a total area of 298,342 square metres along the coastal front. The Master Plan sets out a holistic approach with a mix of land uses. Once subdivision is complete, the net plot area will total 234,970 square metres, with total floor space reaching 387,345.94 square metres. The project will mainly comprise residential, office and commercial activities (shops), along with low-impact leisure uses. It also includes plans for an urban hotel with a conference and exhibition centre, as well as a luxury hotel unit. At the next stage, when planning permits are sought for individual developments, cultural uses are expected to be included, such as a museum dedicated to the history of the refinery and fuel distribution, along with art spaces such as galleries. Breakdown by use: Residential developments account for the largest share, totalling 244,156.11 square metres The business centre will include 62,740 square metres of modern office space Commercial and leisure space will include shops, food outlets and low-impact leisure activities Two hotel units (one urban hotel and one luxury resort) will together cover more than 34,000 square metres, alongside a modern conference and exhibition centre A key development is an agreement with Larnaca Municipality to consolidate obligations for the provision of community facilities. Under the agreement, a single 4,245 square metre site will be allocated for the construction of the new Larnaca Museum, which is expected to include exhibits on the history of the refineries. Five phases over 15 years Construction of the project will proceed in stages over approximately 15 years. The five-phase strategy, with proposed land use allocated by parcel, is as follows: Phase 1 (3 years): Parcels 6–9, mainly the residential “Ecological Village” zone Phase 2 (3 years): Parcels 2–3 and 4, covering the urban hotel and conference centre Phase 3 (2 years, running alongside Phase 2): Parcel 5, offices and complementary uses Phase 4 (5 years): Parcel 10 and Parcels 11–23, covering the luxury hotel and additional residential units Phase 5 (4 years, running alongside Phase 4): Parcel 1, the “City Gate” zone Parcel-by-parcel use: Parcels 1–3 (City Gate/District Hub): mainly residential (67%), with office use (17%) and commercial/leisure use (15%) Parcel 4 (District Hub – Conference Centre): mainly tourism use (60%) via the urban hotel, plus conference/exhibition centre (20%) and office use (20%) Parcel 5 (District Hub – Offices Centre): mainly office use (67%), with residential use (22%) and shops/leisure (11%) Parcels 6–9 (Ecological Village): mainly residential (86%), with limited office use (8%) and shops/leisure (6%) Parcel 10 (Eco Village – Hotel): exclusively tourism development, comprising a hotel unit Parcels 11–23 (Eco Village): mainly residential (85%), with complementary day-to-day services and low-impact leisure uses (15%) Access to the project will be provided via the main Larnaca–Dhekelia road, while the Department of Public Works is separately advancing a project to build a coastal promenade. The EIAS states that a project of this scale will bring both significant economic benefits and unavoidable environmental pressures. One key point of concern is that 74.5% of the net plot area is expected to be sealed with impermeable materials such as concrete and asphalt. Although no official Beach Protection Zone has been designated for the area, the Master Plan incorporates the provisions of the Local Plan. A protected coastal zone (Da-ZEAA) is envisaged, which will function as public green space and a construction-free “transitional zone.” In addition, to address future sea level rise, buildings will be positioned at a sufficient safety distance inland. The study states that with the application of strict mitigation measures and rational management — such as reusing excavation material for backfilling — most negative impacts can be kept within acceptable levels. Applications for the land subdivision and demolition of the old industrial infrastructure have already been submitted. Subscribe to our Newsletter Latest News Cyprus at centre of Predator spyware lawsuit following Greek convictions Violent brawl breaks out in Xylofagou, alarming residents (photos+video) Delivery rider beaten and robbed by three in Limassol Oil surges, stocks fall as Trump says Iran ceasefire no longer exists Trump says Iran contacted him seeking deal after US strikes on the country Trump says ceasefire deal with Iran may be “over” and tensions spiral after new strikes Surviving the summer: How to cool off in Cyprus (without a private pool) Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.