In recent months, work on the historic Berengaria Hotel in Prodromos, a €35 million project, has come to a standstill. But this is only temporary. As the general manager of bbf:, Lefteris Konstantinou, explains to K, "This was necessary due to the low temperatures in the Prodromos area during the winter months, as the materials do not react properly, in these temperatures." Work is expected to resume around April, with the next step being the completion of the roof repair, which will take about 2-3 months, followed by the start of the interior work, the separation and configuration of the spaces, and the electrical and mechanical work. He stressed that this temporary pause is not expected to affect the timeline for the planned completion of the project, which is expected in 2026. The delay identified is at the level of issuing the planning permit, with Mr. Constantinou noting that final approvals are expected on this issue as well in the next period and subsequently the procedures for the issuance of the building permit will proceed. It is recalled that with the completion of the project, the management of the project will be undertaken by Thanos Hotels.
The residential opening
The company's openings are largely focused on residential developments. Firstly, Berengaria, where according to the design, the surrounding area will include 13 townhouses and nine independent villas, and will also feature 14 apartments. Buyers of the residential products will then have the option of working with the hotel to manage them and rent them out on a long-term basis or use them purely for tourism purposes. However, interest has already been expressed for the residential part of Berengaria, mainly by Cypriot businessmen and Russian buyers and some bookings have been made, which cannot proceed to a purchase at present, pending planning permission. Mr. Constantinou believes that the investment and completion of Berengaria will radically upgrade Prodromos and attract investment and buying interest in the area in general.
New investments
The highlands seem to have been attracting investment interest over the last two years, particularly in the Platres area, with new hotels and restaurants. In the case of bbf:, in addition to the restoration of the iconic building, the aim is to revitalize and renew the wider area. This was the intention expressed last October at the press conference held by the owner company on the site itself. At present, these aspirations remain, with the company considering the prospects of other investments in the same area. For example, there have already been some discussions about developing the restaurant across the street from the hotel site, which is currently temporarily closed. In addition, they are proceeding with other acquisitions for residential developments also in Prodromos, and in an effort to strengthen this targeting in the highlands, they are proceeding with the design of a master plan for investment prospects in other communities in the area. This is a move that builds on the momentum that is currently estimated to exist for development in the mountain communities. Although the effort is still in its infancy, the company has already been in contact with the Limassol and Troodos ETAP on the issue, and the aim is to initiate contacts with the communities in order to record needs, weaknesses and strengths, and subsequently make decisions on new openings. At first sight, however, serious issues with basic infrastructure and utilities such as water supply networks and electricity substations can be identified.
The investment in Palodia is in three phases.
Investment in Palodeia
The company is set to embark on another significant development in the Palodeia area of Limassol district. This project encompasses the establishment of a university, student residences, a research and development center, single residential complexes, and a photovoltaic park. Additionally, it will incorporate commercial facilities and catering services primarily catering to students and residents of the residential units.
Frontarico Ltd, a subsidiary of bbf:, is the designated developer for this project, as outlined in the Environmental Impact Assessment Study. The project is slated to unfold in three distinct phases, although specific timelines for each phase have not yet been established. The envisioned uses for each phase are as follows:
- Phase 1: This initial phase will involve the construction of the main part of the university building, the first of three student accommodation buildings, the western section of the single residential complex, and the primary research and development center. The latter will encompass both leisure and commercial spaces.
- Phase 2: Anticipated to include the completion of the remaining sections of the main university building, additional university facilities, the second student residence building complete with an underground car park, and a portion of the research and development center.
- Phase 3: This final phase is expected to bring the entire project to fruition across all its facets.
It's noteworthy that the project is currently undergoing public consultation until March 1, 2024.
[This article was translated from its Greek original]
