In the construction industry the management of a project is, without doubt, demanding and complex and at the same time challenging and exciting.
Earlier this month the foundation stone of Limassol Marina, was laid, a waterfront development extending from the west of the Old Port, westwards until the New Port of Limassol.
The new Marina is estimated to cost around 350 million Euros and it will have the capacity to accommodate up to 1,000 yachts and take vessels up to 100m long.
It will have an onshore residential and commercial development comprising of houses and apartments, as well as shops, restaurants, cafes and other facilities. The architects' design is aimed at making the new structures blend harmonically with the existing traditional surroundings, the old harbour, the town's historic centre and the medieval castle.
The marina will be constructed and managed under a built, operate and transfer (BOT) agreement and the strategic investor which consists of several companies will construct and operate the project for 53 years, with additional rights to a share in profits, for 37 additional years.
The construction of the Marina is expected to be completed within two years and the surrounding onshore development area within six years. The project, being the biggest tourist infrastructure work undertaken under a single package, was in fact long sought, and it will boost Limassol's tourist navigation sector as well as its tourism in general... or at least this is what is expected.
Michael Shaylos CEng FICE