‘The Mykonos Project’ Gets Green Light from Council of State

Mykonos, island, Greece. Photo © Maria Theofanopoulou

The Council of State, Greece’s highest administrative court, recently gave the green light for the development of “The Mykonos Project”, a major tourism investment on the island of Mykonos.

According to an announcement by the Ministry of Development & Investments, the Council of State approved the draft presidential decree for the establishment of a Special Plan for the Spatial Development (ESCHASE* in Greek) of the strategic investment “The Mykonos Project”.

An investment project of 51 million euros, “The Mykonos Project” will be developed into a 5-star hospitality complex in an area of 6,324 hectares (60,324 stremmas) in Karapetis, Ano Mera, on Mykonos. Set to be developed by AGC Equity Partners, the project is considered a mild type of tourism investment with high environmental and urban standards.

The complex will have a capacity of 192 beds, and include a marina, sports facilities, a wellness center and shops.

“We continue to work towards attracting significant investments, also putting emphasis on quality and the environment,” Development and Investments Minister Adonis Georgiadis said.

* ESCHASE is a spatial planning tool for fast-track and strategic investments allowing the state to intervene in cases where the use of specific land is deemed vital for an investment to proceed. It also aims to encourage the development of tourism projects based on spatial planning, and with respect for the environment.