The development, designed by Foster + Partners for Cypriot petroleum company Petrolina Group, will replace around two kilometres of oil refineries that were previously located on the waterfront to the north of the city's centre.
The development will be built around the Larnaca-Dhekelia Road, which will be transformed into a "pedestrian-friendly street".
Between the street and the waterfront, numerous low-rise commercial, residential and hotel blocks will be arranged around tree-lined streets and plazas.
According to Foster + Partners, these blocks will form low-level neighbourhoods designed as a "natural extension of the urban grain" of the existing city of Larnaca.
The neighbourhoods will be divided by four existing canals that run from the seafront, which will be rewilded as part of the development.
According to the studio, some elements of the previous oil refinery will be retained within the development to celebrate the city's industrial heritage.
"The masterplan retains and enhances the city's character while creating an exciting new vision for its future," said Foster + Partners senior partner Ben Scott.
"Our approach has been developed in close consultation with the city authorities, building on the municipality's key initiatives which promote sustainable and holistic urban growth."
The renders released by Foster + Partners also show the creation of a beach on the waterfront along with a boardwalk, which would replace the current industrial landscape.
Lining the beach would be a series of restaurants and cafes housed in wooden structures.
Founded by Norman Foster, Foster + Partners is the UK's largest architecture studio. Alongside Larnaca seafront, it is currently designing the King Salman International Airport in Riyadh as well as an office in the UK that will be "one of London's largest timber buildings".
The visuals are courtesy of Foster + Partners.