An agreement is in place for a port facility in the southeast part of Larnaca, Cyprus, according to various media reports.

Cyprus has signed a deal worth around $750 million with the Zenon Consortium, which is made up of both Louis Group and Costa Crociere, among other companies.

Plans call for a cruise terminal, a marina for 1,000 boats, commercial and residential properties and more.

The 35-year plan is set to begin early next year, with the first phase done by 2016.

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