An investment of over 500 million euros in the development of a 950 acre site in Elounda, Crete has been realized. The reason for Elounda Hills being promoted by Mirum Hellas was the interests of Russian-Israeli real estate investor Vitaly Borisov. According to Konstantinos Dede, vice president of the company, “the process of obtaining the necessary approvals for the urban planning study and the strategic environmental impact study has now begun. We believe this will be completed by early June, paving the way for building permits. We aim to start construction in the second half of the year,” Mr. Dedes said yesterday at an information meeting. The total buildable area will be 130,000-140,000 sq.m.

The plan includes two luxury hotels, dozens of villas and apartments, clubs, restaurants and a marina.

The first phase of investment involves the use of a total of 550 acres. There, Mirum Hellas plans to create a luxury hotel with 137 rooms, 66 branded villas and 81 branded suites, beach clubs, restaurants and a marina. At the same time, a small boutique hotel with 15 rooms will be created in the marina area. The management of hotels and branded apartments passed to the American chain 1 Hotels, created by the children of the American founder of the Starwood hotel group Barry Sternlicht, who sold the Marriott hotel chain of the same name. group in 2016. Sales prices for branded residences start at around 1.5 million euros and can go up to over 7.5 million euros. The second phase of the project concerns the use of the remaining 400 acres of land and includes an additional 31 branded apartments, 2 unbranded villas and 80 unbranded apartments, as well as additional infrastructure and amenities. In total, about 300 houses will be built. At the same time, Mirum executives are currently negotiating with fashion house Ralph Lauren to create the first villas (5-10) of the eponymous brand in Greece.

The investors plan to complete construction of the marina, two hotels and the first residential buildings by the end of 2026. The entire project is expected to be completed in several phases by 2030. Recall that Elounda Hills is one of the first projects that were included in the law on strategic investments. Financing will be carried out at 70% from own funds and 30% from bank loans, for which relevant discussions are already underway. In parallel with the ‘fillet’ project of the land Mr. Borisov has acquired in Elounda, a number of smaller investments are also moving forward on nearby land totaling 200 acres. For example, in the largest of them, in the location of “Wathy” (110 acres), it is planned to establish a care center for the elderly and pensioners, where 60 small houses will be provided and a building of 4000 m2, where related services will be provided.