What is pending for the start of the € 480 million tourist investment in Ithaca?

A delay of several months has caused the tourist development of Ithaca Odyssey Resort to change its investment licensing regime through the new development law. According to reports, the provision of new development approval for studies by one of the “big 4” audit firms delayed the project’s entry into strategic investment status (ESFASE). By the end of September, the project had reached its final stage of integration. however, this has not yet become a reality due to the assignment of the audit evaluation to the audit firm, and therefore the auditors’ comments to the project manager Smender will be disclosed in the near future. and insofar as they do not alter the assumptions, hitherto, of the investment (eg cost, sale price of residential units),

Delay 

The € 480m project was in the final phase of integration into strategic investment before the national elections on July 7, 2019. The latter “frozen” the process of project entry into the Fast Track – the Inter-Ministerial Strategic Investment Committee The licensing process is no longer a pre-election meeting, and the licensing process is all about completing the auditors’ evaluation, and in any case, it will take time for the Ithaca Odyssey Resort to become a strategic investment. It will take up to one and a half months before the construction permit is issued and construction work commences. Under the good scenario, the construction of a project whose financing would come from Smender’s own funds and from foreign funding could begin. The 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 next moves

The investment plan foresees the development of a modern tourist complex comprising a complex tourist accommodation, tourist village, and tourist infrastructure (diving park, marina) in a single area of ​​1556 acres in the Perachori Local Community, south of the Municipality of Ithaca.

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

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. 

source – capital.gr

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