A critical stage of the licensing process for the investment plan 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 Approving Environmental Terms) constitutes one of the key administrative steps before the implementation of the project and essentially paves the way for the development of the new five-star hotel unit, with a capacity of 295 beds, at the location “Kouki” of the Municipal Unit of Malia, in the Municipality of Hersonissos.
The implementation of the project has been undertaken by “Lydakis and Synatsakis S.A.”, which is connected to Domiki Kritis.
The plan
The investment, in which Domiki Kritis participates with a 50% stake, provides for the creation of a modern high-specification hotel complex, which will combine the utilization of an existing unfinished building with the construction of new facilities.
Specifically, a building that has a building permit from 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 housed in the existing building and the remaining 177 in the new facilities.
The project will be developed on an area of approximately 34 stremmas, at a distance of about 400 meters from the sea, in an area intended for tourist uses, according to the applicable urban planning provisions. At the same time, the environmental licensing data show that the property is located outside Natura 2000 areas, outside protected wildlife areas and outside forest areas, a fact that facilitated the progress of the licensing process.
The business plan includes, in addition to the accommodation areas, a central lobby, restaurants, bars, spa facilities, retail stores, two shared swimming pools, sports facilities with tennis courts, parking areas as well as extensive green landscaping.
The total building area of the complex is estimated at approximately 6,655 square meters, while the coverage amounts to approximately 5,550 square meters. Access will be provided through an approved traffic connection on the old national road Heraklion - Agios Nikolaos, in accordance with a relevant decision of the Municipality of Hersonissos.
The terms
This decision imposes a series of environmental terms both during the construction phase and during the operation of the unit. Among other things, measures are provided for limiting 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 archaeological finds are identified during the execution of the works.
The company’s identity
Chairman of “Lydakis and Synatsakis S.A.” is Georgios Synatsakis, who is founder and CEO of Domiki Kritis, with a long-standing presence in the real estate development and real estate investment sector.
The company’s administrative structure also includes Antonios Adamis as vice chairman and Alkyoni Synatsaki as a member of the Board of Directors, executives who are also connected with Domiki Kritis. The latter maintains holdings in selected investment schemes, such as a 42% stake in DIA S.A. and 40% in Panorama Mallion S.A., strengthening its strategic presence in the Greek real estate and tourism investment sector.