The two tourism projects—with a budget of over 55 million euros—launched by Intradevelopment, a subsidiary of the Kokkalis Group, in Koufonisia are one step closer to completion, following decisions by the Ministry of Culture, which essentially paved the way for the completion of the projects, while setting a series of conditions.
The first decision concerns the development of a new tourist accommodation facility in the “Ammouda” area within the settlement of Ano Koufonisia by Koufonisia Hotel & Resort S.A., in which Intracom holds a 71% stake as the majority shareholder.
The project, which is expected to exceed 20 million euros, involves the construction of a new 63-bed accommodation facility with a basement and the removal of five trees on a plot of land owned by Koufonisia Hotel & Resort S.A.
A key condition for the excavation work is archaeological supervision of the excavations by the Cyclades Ephorate of Antiquities. In fact, this specific approval is accompanied by a series of modifications to the design. Consequently, among other things, the construction of semi-open spaces and freestanding pergolas is prohibited, as they increase the visual and structural bulk of the complex. Furthermore, the layout of the buildings must be adjusted to comply with the height restrictions stipulated by the current regulatory framework, while the use of certain materials on the facades is rejected as incompatible with the traditional architecture of the Cyclades.
The second approval concerns a request from the same company—whose CEO is Sotiris Bakagiannis—for the renovation of an existing hotel and its expansion through new construction. This project involves the Koufonisia Hotel & Resort, which the group acquired on Ano Koufonisi with the aim of fully upgrading it and gradually transforming it into a 5-star resort.
This property, which will have a total capacity of 100 beds, is located in the “Agios Georgios” area within the village of Ano Koufonisi. The project includes, among other things, underground spaces and small-scale interventions in the existing landscape.
This approval is accompanied by a strict set of conditions derived from archaeological legislation. Excavations will be conducted under the supervision of the Cyclades Ephorate of Antiquities, with a provision for the immediate suspension of work in the event that antiquities are discovered and rescue excavations are carried out. At the same time, substantial restrictions are imposed on the design: the construction of swimming pools is not permitted due to the arid nature of the area; basements outside the building’s perimeter are prohibited, and atriums and open stairwells are rejected as incompatible with the local architectural character.
Furthermore, the size of pergolas and semi-open spaces is limited so that they do not exceed or “compete with” the volume of the buildings. In this context, the company is required to resubmit the final design to the Directorate of Prehistoric and Classical Antiquities for review and approval.
Strong Footprint
In the hotel sector, beyond its investments in Koufonisia, Intradevelopment has a portfolio of four properties: the Kalo Livadi Hotel + Villas and the Branco in Mykonos, as well as the Met34 and Kolokotroni 3-5 in Athens.
In fact, the Kokkalis Group is planning to build a 3-star hotel with a capacity of approximately 350 beds, which will be used to house staff.
At the same time, it maintains a presence in the hospitality sector through its stake in Regency Entertainment, in partnership with Lampsa. In this context, it is participating in the landmark Voria project, valued at approximately 380 million euros, which involves relocating the Mont Parnes casino from Parnitha to Marousi and creating a comprehensive entertainment and hospitality complex.
It should be noted that Intracom has entered into a strategic agreement with TEMES and Litti Enterprises for the redevelopment of Voula’s Second Coastal Strip, an investment totaling 15 million euros.