‘Itanos Gaia’ Luxury Project on Crete Gets Green Light

Cavo Sidero

Greece’s highest court dismissed the appeals (petitions of annulment) that were made against the presidential decree that granted land use approval for the “Itanos Gaia” project, travel and leisure giant Minoan Group said on Monday.

Valued at some 267 million euros, the luxury five-star holiday resort named will be erected at the Cavo Sidero peninsula, Northeastern Crete, in the prefecture of Lasithi and aims to become a landmark of sustainable tourism.

Minoan Group said that the un-appealable presidential decree gives outline planning consent for the Itanos Gaia project and allows the company’s Board of Director to take the steps necessary to crystallise value for all stakeholders.

“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,” Christopher Egleton, Minoan Chairman, said.

According to Egleton, the Greek Supreme Court’s decision also means that the company’s long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.

“This decision represents the successful culmination of many years of hard work by everyone in the company with the patience and support of the company’s shareholders,” he said.

The company had initially applied for approval to build the holiday retreat in 1991 but had to overcome legal obstacles after residents and environmental organisations opposed the project.