Aqua Residences: €40m residential towers in the former Larnaca oil refinery area

A new multi-storey residential development in the area of the former Larnaca oil refineries is being prepared by the company Solvin Ltd.

The proposed project, which has secured approval from the Department of Environment and was previously reported by InBusinessNews in July 2023, involves the construction and operation of a residential complex that will include two multi-storey buildings.

The two buildings, which will consist of a ground floor, mezzanine, and two above-ground parking levels for 155 vehicles, will feature 15 residential floors and a roof garden.

It is clarified that the initial design of the proposed project included the placement of a one-level underground auxiliary space in the northwestern part of the plot to accommodate electromechanical installations.

The design of the building development, particularly the construction of underground spaces, was reconsidered by the architects of the proposed project, and new architectural plans were submitted on 7 January 2025, excluding the underground area. According to the new plans, the mechanical installations will be located on the ground floor and mezzanine.

The proposed development will also include communal spaces, green areas, a gym and spa, dining areas, and an outdoor swimming pool. The maximum height of the proposed development is set at 67.7 metres.

Based on the Environmental Authority’s assessment, the construction works are estimated to last approximately two years, with the estimated cost amounting to around €40 million.

The plot area where the new residential development will be implemented is 11,066 sq.m., and the total gross floor area of the development will be 27,224 sq.m., while it is noted that a total area of 1,294 sq.m. will be allocated as public green space within the scope of the proposed project.

In parallel, a private landscaped area with an area of 1,850 sq.m. will be arranged on the western and eastern edges of the development plot. Upon completion of the proposed project, 4,050 sq.m. (corresponding to 36.6% of the total area) will be covered/sealed with impermeable materials.

No landscaping study has been carried out for the green space yet, but it is proposed to plant native plant species suitable for the area.

40% of plot eroded by sea

It is worth noting that a significant portion of the project plot (~40%) has been eroded by the sea and lies below sea level, which, according to the provisions of the Area Plan, requires the prior completion of land reclamation procedures for the eroded section of the plot before the commencement of construction works for the building development.

The Environmental Authority decided to evaluate the proposed project in two phases, with Phase A focusing on the evaluation of studies related to the land reclamation of the eroded section of the plot and Phase B focusing on the evaluation of environmental studies for the construction and operation of the building development (application no. A139/22).

The two phases progressed in parallel, ensuring that issues concerning both Phase A and Phase B were taken into account concurrently, aiming at a comprehensive final design of the proposed development. It is clarified that the opinion issued covers both evaluation phases of the proposed project.

The plot where the project is proposed to be constructed and operated falls within the administrative boundaries of the Municipality of Larnaca, where the provisions of the Area Plan for the former refineries in the urban area of the Municipalities of Larnaca and Livadia apply.

A significant aspect of the proposed development is its location within the Special Urban Development Zone (ZEAA) by 78% (or 8,631 sq.m.) and within the river/canal/coastal protection Zone Da1 by 22% of the plot (or 2,435 sq.m.).

It is emphasised that in the ZEAA zone, the maximum building density is 1.00:1 and the maximum coverage ratio is 0.5:1. In the ZEAA zone, the maximum allowable height of developments must not exceed 68 metres (approximately 15 floors).

In the river/canal/coastal protection Zone Da1, the maximum building density is 0.005:1, the maximum number of floors is 1, the maximum height is 5 metres, and the maximum coverage ratio is 0.005:1.

The permitted uses on the development plot include primary uses related to tourism, offices, residential, recreation/entertainment, commerce, and other uses that, in the judgment of the Town Planning Authority, will enhance the diversity, entrepreneurship, and desired character of the area.