In the latest news on the massive Sitia Bay Resort development, the project appears to be moving forward faster now that mining concern Iktinos Hellas S.A. has taken a majority stake in the project.
Dolphin Capital’s 2018 sale of 77.8% interest its minority partner puts the mining company at the head of a touristic project totalling an area of 2.700 acres in Sitia, a 5-star hotel, a thalassotherapy center (spa), a conference center, an 18-hole golf course, a marina with a capacity of 85 tourist boats and two residential areas, where the company will built a total of 300 luxury homes.
The expected €300 million euro resort project now run by Iktinos reportedly has the relevant licenses for infrastructure projects in the area of private urbanization of the area. In addition, they began precursor works trenching and configuration of roads within the land. Positive as this news is for the development, the fact that the company of family Χαϊδά continues to seek a strategic partner for the project indicates key hurdles to be overcome.
The massive resort will have about 556 acres of direct beachfront in the bay of Faneromeni at Sitia, with the remaining 2,133 approximately located one thousand meters south, on a pristine plateau outside Sitia. The project, slated to be completed in two phases, will feature a controversial 18-hole golf course, which will dominate most of the property.
The project was launched as a cooperation with the well-known Dolphin Capital Investors (DCI), until the acquisition news last year. On a level of luxury and controversy akin to the Minoan Group’s Itanos Gaia project, the Sitia Bay development will certainly be under keen civic scrutiny here on Crete. These areas of the island are some of the most pristine natural landscapes, and they’re especially fragile environmentally.