To increase its value investments for its reconstruction and refurbishment Scorpion at the destination for international aircraft kit the owner of an 830-acre island in the Ionian Sea is moving forward, Dmitry Rybolovlev. Plans to revise the investment plan upwards, which will amount to about 200 million euros, have long been known to those who follow the progress of the project. In this direction, the revision has been put up for approval until April 10. Investment plan “Mycenae”a special purpose vehicle that implements a development, also known as “Exclusive VIP Club”construction is in full swing.

What do the changes entail? Increase in built-up area by approximately 10,000 square meters to 31.4 thousand square meters. total change in building ratio from 0.05 to 0.07 and creation of 120 beds from 65 initially. The change in the investment plan, which also entails an increase in investment funds, the amount of which was originally set at 165 million euros, is also associated with the desire of the owner of the area to strengthen the cultural footprint of development with appropriate developments. Of course, the final use case – apart from the main one, hospitality – that a private island will have is still being formed and finalized. The same applies to the exact amount of funds to be spent.

In consultation until April 10, the revised investment plan “Mycenae” for the “Exclusive VIP Club”.

Adjustment of the investment plan will require, after the completion of the consultation process by the foreign investment attraction body Enterprise Greece and the implementation of the necessary actions at this stage, the revision of the Presidential Decree. With the latter, land use and building conditions (ESHASE) investments have been demarcated. And on the basis of this, a Joint Ministerial Decision (January 2021) was issued to approve the zoning of the investment plan, which provides for the implementation of projects in nine building blocks. Of these, the first includes the famous pink villa, where Aristotle Onassis once lived, a functioning two-story building with an area of ​​365 sq.m. using tourist accommodation that is supported. Also, the existing development plan provides for the implementation of eight liquid waste processing plants, three desalination plants, parking spaces for electric vehicles and an underground disposal network for treated liquid waste.

Regardless of changes to the original design of the project, construction work on the island will continue in full, with partial completion of the island’s transformation expected from summer 2024. It is planned to create cave houses that will be completely in harmony with the environment and provide the privacy of their residents and unrestricted views of Meganisi and the Televoye Islands complex. The plans include the construction of a presidential suite (master suite), where the Rybolovlev family will stay during a visit to the island, about ten large and medium-sized villas and the so-called Hill House. Members of the Rybolovlev family will stay in Scorpio for several days, and the rest of the time the island will be rented out. According to the information, a minimum rent of 1 million euros will be provided for one week of stay to accommodate up to 50 people.