The Minoan Group has a clear runway to develop a €250 million euro resort near Sitia in the Lasithi prefecture of Crete. A court ruling over the controversial resort development known as the Itanos Gaia Project opens the door for Minoan.
Appeals filed to stop the development in the wake of a presidential decree permitting the huge development have been thrown out by the Greek Conseil d’Etat. This means Minoan now has outline planning consent for the project and can move on to the next steps of making the resort a reality. Minoan chairman Christopher Egleton commented on the development late last month via a press release (PDF):
“As a result of the Greek Supreme Court’s decision, the company can now accelerate the development of the project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties. It also means that our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.”
Egleton went on to praise the decision as a “successful culmination of many years hard work” by his company and its shareholders. In this vane, Minoan also announced a few days ago an extension from 30 June 2017 to 31 December 2017 of a £5 million 8% Loan Facility from 16 October 2013 from Hillside International Holdings Limited.
Lasithi is the easternmost region of Crete, situated to the east of Heraklion. Its capital is Agios Nikolaos, and major towns being Ierapetra, Sitia and Neapoli. The region is home to a number of ancient sites including; Vasiliki, Fournou Korifi, Pyrgos, Zakros and the Gournia Minoan ruins, as well as the Doric towns of Lato and Itanos.
The site for the new development is the Cavo Sidero peninsula, a sensitive ecosphere where opponents to the development say the Itanos Gaia Project could never be sustainable owing to lack of water resources for the golf course and etc. Given the infrastructure needs of eastern Lasithi, and other considerations, it remains to be seen what the whole impact of this project will be. Argo will keep you informed.