How does a developer perfect every last detail of a large-scale luxury resort, while keeping abreast of challenges like infrastructure, permits, finance, design, and environmental considerations?
According to Angelos Angelidakis, CEO and development director of Elounda Hills, a sustainable, luxury resort currently being developed by Mirum Hellas, it’s all about keeping your eye on the ultimate prize. Elounda Hills is an integrated luxury 138-acre resort in the sought-after Elounda area of Crete on the island’s northeast coast, less than an hour from Heraklion International Airport. It is also a 20-minute drive from the new Kastelli International Airport, which is set to open in the next couple of years.
Developed in collaboration with five-star eco-hotelier 1Hotels, the landmark resort is distinguished not only by ultra-luxury credentials but is also setting new standards as one of the greenest resorts in the Mediterranean.
Accumulating land
After successfully completing the painstaking accumulation of land for Elounda Hills over almost two decades, the scheme has now reached the permit stage – two aspects which Angelidakis described as the “project’s biggest challenges”, speaking at the Resort & Residential Hospitality Forum in Athens. “Buying up so much land in Greece is mission impossible,” he said. Deals for piecemeal plots began in 2006, when Mirum Hellas, a venture of Israeli real estate investor Vitaly Borisov, first had the vision for the green resort. “Crete is one of the top destinations for Greece,” said Angelidakis. “My family is originally from there, so I am biased - but it’s a category all of its own. It is an island but also has mountains, valleys, agriculture, beaches - amazing scenery.”
The resort will also feature a 64-berth sheltered marina with extensive additional mooring for a range of vessels up to superyachts. Managed by specialists Camper & Nicholsons, this facility is expected to become a world-class destination for yacht owners and enthusiasts in the Mediterranean.
Mirum Hellas has won the accolade of “strategic investor”, which Angelidakis said helped smooth everything from expanding the site coverage and height to permits for plots. On 8 November, the project reached a significant milestone when it secured permitting for the urban design studies, including the scheme’s environmental terms and archaeological aspects. Up until now the venture has paid for everything, but this breakthrough means that “we can now start financing and applying for individual building permits”, Angelidakis said. “We now have a timeline we can work towards.”
Hotel operator
While ground has already been broken on the marina, the team expects to start next on the infrastructure, including nearly 10 km of roads. “We will push to start building by the summer,” he added. “We have the operator in place and have a commitment to deliver the coastal zone by 2027 and the rest of the first phase by 2028.” The project will ultimately be delivered in four or five phases.
The operator, 1Hotels, appealed in part for being “very sustainability driven”, he added. Owned by hotel brand management company SH Hotels & Resorts, Angelidakis said that 1Hotels would help them deliver “something totally new”. He also noted that the group’s US origins meant significant brand power with a US public, which was already assisting resales on the branded residences element.
“Greece is just getting into branded residences, but I think it’s the future,” Angelidakis added. “We are also the first strategic investor to do this. We also want to provide the sense of community, while having a branded residence within Elounda Hills has the overall effect of elevating the project.