The company was announced in December 2021 as the highest bidder in the relevant tender, which provided for the purchase of the shares of the special purpose company (SPV) to which the said property has been contributed (in kind), offering € 40.2 million.
The property is located on the beachfront and expands to 345,567 square meters. It is located 13 kilometers from the airport "Nikos Kazantzakis" and 16 kilometers from the city of Heraklion.
The Hellenic Center for Marine Research, the "Thalassocosmos" Aquarium and the International Exhibition and Conference Center of Crete have been developed in the neighboring areas of the former American base.
According to the approved Special Spatial Development Plan of the Public Real Estate (ESCHADA), in addition to hotels, a marina, shops, offices, banks, exhibition spaces and the possibility of operating a Casino are foreseen.
For the latter, permission must be given by the Gaming Control and Supervision Committee (EEEP) and then the competition must be announced.
REDS is planning, among other things, the development of a luxury hotel, serviced apartments/villas, a shopping center, as well as shared sports and culture areas, an investment that will exceed €200 million with an implementation schedule of 5 to 7 years.
