A crucial stage in the permitting process for the investment project launched by “Lydakis and Synatsakis S.A.” in Malia, Crete, was completed with the approval of the environmental terms.
The “green light” given by the Decentralized Administration of Crete to the AEPO (Decision on the Approval of Environmental Terms) is one of the key administrative steps prior to the project’s implementation and essentially paves the way for the development of the new five-star hotel complex, with a capacity of 295 beds, at the “Kouki” in the Municipal Unit of Malia, within the Municipality of Hersonissos.
“Lydakis and Synatsakis S.A.”, which is affiliated with Domiki Kritis, has been entrusted with the implementation of the project.
The design
The investment, in which Domiki Kritis holds a 50% stake, calls for the creation of a modern, high-end hotel complex that will combine the renovation of an existing unfinished building with the construction of new facilities.
Specifically, a building for which a building permit was issued in 1981 will be completed, and additional accommodation buildings will be developed, creating a unified tourist complex with a total capacity of 295 beds. Of these, 118 will be accommodated in the existing building and the remaining 177 in the new facilities.
The project will be developed on a plot of approximately 34 stremmata, about 400 meters from the sea, in an area zoned for tourism purposes, in accordance with current urban planning regulations. At the same time, information from the environmental permit indicates that the property is located outside Natura 2000 sites, outside protected wildlife areas, and outside forested areas, a fact that facilitated the licensing process.
In addition to the guest accommodations, the business plan includes a central lobby, restaurants, bars, spa facilities, retail stores, two communal swimming pools, sports facilities with tennis courts, parking areas, and extensive landscaped green spaces.
The total floor area of the complex is estimated at approximately 6,655 square meters, while the footprint is approximately 5,550 square meters. Access will be provided via an approved road connection on the old Heraklion–Agios Nikolaos national highway, in accordance with a relevant decision by the Municipality of Hersonissos.
The Conditions
This decision imposes a series of environmental conditions both during the construction phase and during the plant’s operation. Among other things, it provides for measures to limit dust and noise at the construction site, proper management of excavation and construction waste, protection of the natural environment and cultural heritage, as well as specific procedures in the event that archaeological finds are discovered during the course of the work.
Company Profile
The Chairman of “Lydakis and Synatsakis S.A.” is Georgios Synatsakis, who is the founder and CEO of Domiki Kritis, with many years of experience in the real estate development and investment sector.
The company’s management structure also includes Antonios Adamis as Vice Chairman and Alkyoni Synatsaki as a member of the Board of Directors, both of whom are also affiliated with Domiki Kritis. The latter holds stakes in select investment vehicles, such as a 42% stake in DIA S.A. and a 40% stake in Panorama Mallion S.A., thereby strengthening its strategic presence in the Greek real estate and tourism investment sectors.