Green light for the tourist investment of € 480 million in Ithaca


Strategic investment status (EFSASE) leads to the development of Ithaca Odyssey Resort tourism , with the adoption of the relevant decision by the Inter-Ministerial Committee on Strategic Investments (DESC) and its subsequent publication in the Government Gazette (GG) be a matter of days, as reported by

The Inter-Ministerial Committee on Strategic Investments (DESC) has completed the examination of the application submitted by the Smender project company and only the letter of proof proving the existence of funds available (proof of funds).

These steps had been completed before the July 7 elections, but the 480m-euro Fast Track investment was not completed as the IEC did not meet in the pre-election period.

Smender, represented in our country, by James Molfesses is in the interests of Greek-Australian businessman Harry Tsalikidis, who is estimated to be the main financier of the project.

The issuance of the Government Gazette estimates that it will require, unexpectedly, a period of 12-16 months until the issuance of the building permit and the commencement of construction work.

The plan

It will have a total capacity of around 2,500 visitors, consisting of three hotels, two residential areas and a large number of additional recreational, cultural and sports facilities and catering. It will have a heliport, aqueduct and a diving park.

The purpose of the latter, as investment representatives say on, is to serve the rich bottom of the region by being one hundred meters off the coast of a German World War II wreck.

An earlier version of the investment, called the Iliad resort, envisioned development of about 2,600 acres, including, among others, an 18-hole golf course designed by Greg Norman and six luxury hotel units consisting of 1,020 golf suites and 150 residences. .

It is noted that Advice Consulting & Engineering and Christopoulos Dimitris & Partners offer consulting and legal services in the project.

Source –

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!