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Green light for high-end hospitality investment on Mykonos island

The Council of State approved a hotel investment of €50.85 m on Mykonos island. Four more such investment proposals for Mykonos are pending.

The five-star hotel investment with the code name “The Mykonos Project” will be implemented by consortium AGC Equity Partners through the company Blue Iris SA. Two powerful funds in Abu Dhabi and Kuwait participate in AGC Equity Partners. The company made its first investment  in Greece in 2013, when it bought Asteras Hotel for €600 m.

The Mykonos investment project consists of a hotel unit with a capacity of 192 beds with accompanying sports facilities, health rooms (spa), swimming pool, a cable car, outdoor theater, shops, kids club, Greek cafe, taverns, restaurants, small boats 300 sq.m., etc., in an area of ​​60.324 square km, which in fact does not yet have road access. The plan is to build 65 houses of one room with an area of ​​45-50 sq.m., 15 houses of 70 sq.m., 9 houses of two rooms of 100 sq.m., 5 houses of two rooms of 130 sq.m. and a villa of 160 sq.m.

The connection of the rooms with each other, but also with the other spaces (restaurants, etc.), will be similar to that of Chora of Mykonos, that is, it will be done through small alleys, made of stone slabs available for pedestrians and small electric vehicles, while a larger road will end up in the marina.

The total area consists of 13 smaller consecutive and adjacent plots, for which 2018 a pre-sale agreement was signed with AGC Equity Partners.

The plan follows the existing traditional constraints of construction and coverage of Mykonos and the whole complex cannot exceed 7,921 sq.m. in construction and 5,281 sq.m. in coverage (maximum allowable coverage 10%). Only 2-storey buildings are allowed and the height cannot exceed 7.5 m for two-storey buildings and 4.5 m for single-storey buildings.

The coastline of the area includes two sandy beaches, one is 40-50 m long and 4-6 m wide and the other is 40-70 m long and 16-20 m wide.

The investment aims to create a complete tourist complex of high quality and aesthetics, perfectly harmonized with the very natural and man-made characteristics of Mykonos, which will upgrade the island and will be a model for future investments. At the same time, it will provide its guests with all the amenities and services that are considered ideal for guests with high economic and social levels.

Original Source: Proto Thema

Adaptation/Summary: Kiki Athanasiadis

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