This decision paves the way for the organized development of a large coastal property, aiming to promote tourism and highlight the region’s thermal springs.
The property covers a total area of 593,061.75 square meters and is divided into two main sections, A and B. According to the terms of the tender, Section A will be sold, while Section B will be leased under a long-term lease of 50 years. The preferred investor, selected approximately two years ago, is the Spanish group Inmo Parck Invest S.A., which had submitted the only bid and subsequently presented an improved proposal.
The offered consideration, in present value, amounts to €9,338,842.98 for Section A and €1,679,341.76 for Section B. In addition to the purchase price, the investor has committed to carrying out investments of at least €200 million over the coming years. These investments pertain to the upgrading of the property, the beachfront, and the thermal springs, including the construction of a luxury hotel, tourist residences, a marina, wellness facilities, and commercial establishments. The development will follow a sustainable strategy, emphasizing a “green” footprint and environmental respect.
Section A is the larger area, covering 520,515.65 square meters and featuring approximately 1,200 meters of beachfront. It is divided into two tourism-recreation zones. In the first zone, tourist facilities and infrastructure related to the thermal springs are permitted, along with supporting uses such as commercial outlets, dining establishments, sports and cultural facilities, and parking areas. Supporting uses may not exceed 20% of the total built area, to preserve the primary tourism character of the investment. The maximum floor area ratio (FAR) is set at 0.10, with a coverage ratio of 15%.
In the second zone of Section A, in addition to tourist accommodations and thermal tourism facilities, tourist ports such as marinas and boat shelters are allowed. Recreational areas, exhibition spaces, a helipad, and wastewater treatment facilities may also be constructed. Here, the maximum FAR is 0.15, and coverage is limited to 20%, in accordance with the New Building Regulation.
Special provisions are in place for coastal zone protection. A protective zone, up to 90 meters from the shoreline, has been established in areas deemed geologically unsuitable for construction. This zone is included in the overall planning but is non-buildable. Only light and non-permanent structures are allowed, such as changing rooms, beach equipment, bike paths, walkways, and minor coastal protection installations.
Section B, covering 72,546.10 square meters, includes the two thermal springs, “Mylos Koniviti” and “Kallyntika,” with the latter officially recognized. This section is essentially divided into two protected and enhancement areas for the springs. Only light interventions are permitted, including sanitary facilities, changing rooms, a guardhouse, a kiosk, tanks, pumping stations, and outdoor parking. Except for technical infrastructure, buildings must be lightweight, single-story, and up to 3 meters in height to harmonize with the natural environment. The total permissible built area for both sections may not exceed 400 square meters, and mandatory tree planting is required.
In addition, ancillary works are planned to improve access and traffic. New public roads will be created along the western and eastern boundaries of Section A, with connections to the existing road network. Some existing roads will be removed if they no longer serve the new layout. The investor implementing the project will bear full responsibility for the construction and maintenance costs of these works.