Development Potential

General description
Approximately 32 hectares of land with approximately 650m of beach front. Forest area has been defined as a total of approximately 95,000 square meters and is split into two parts: one strip on the southern boundary, and a second strip along the western boundary. These areas can be seen clearly on the topographic diagram and have been certified by the Greek Forestry Commission. The forestry determination was issued in May 2010. These areas of indigenous woodlands, in addition to the coastline, act as natural buffer zones around the estate.

The land generally consists of limestone covered by a thin layer of earth and is rich in vegetation, including olive trees, cypress trees, and fruit trees. The limestone may be harvested during excavation, and used for stone walls and buildings throughout the estate. On the lower part of the land, towards the sea, the soil level is deeper.

The property also features its own source of water.

There are two different classifications of zoning for the building density.  Because the property adjoins the municipal road, it offers great flexibility regarding planning. First, commercial zoning (for example, as a hotel complex) offers the highest possible building density. Second, private residences (villas/houses/apartments) for resale offer a significantly lower building density. A combination of both classifications, with a boutique hotel centered around the existing historical buildings with various villas/houses/apartments on surrounding areas of the site, offers optimal use of the land by providing the opportunity to resell individual freehold villas/houses/apartments while retaining the boutique hotel complex.

The site also offers the possibility for the development of a marina.

Development opportunities
1. Hotel - Commercial
The hotel/commercial option offers the highest possible building density, with a building coefficient allowing a total floor area of a maximum of 20% of the land area. The construction may have a maximum footprint of 10% of the total land area. The total land area is used in calculating the equation (although building on the designated forest areas is not permitted).

The hotel/commercial complex may be a combination of main hotel buildings and independent villas, bungalows and apartments, plus entertainment, retail, restaurants, bars, etc. The design is subject to approval of the Hellenic Tourist Board (EOT), which has the final say on the size of the hotel and basic provision of services and facilities.

Generally, such individual villas/bungalows/apartments cannot be resold separately with individual freehold; the complex has to be kept together as a whole with the option to sell fractional ownership (timeshare). If the resale of villas/bungalows/apartments is a fundamental key to the buyer’s business model, then there is the possibility, because of the adjoining municipal road, to divide the property into separate land plots and to develop and sell freehold villas/bungalows/apartments.

2. Private Villas - Apartments - Houses
This alternative offers lower building density with quicker liquidity. The land would have to be divided into a number of smaller plots, each with an individual house/villa that could be sold with individual freehold.

Permits
The estate already has all permits necessary for sale, including clearance from the forestry department. It is free and clear of all encumbrances, and has received the permission of transfer of title required for properties of its size.

Marina
The site offers the possibility for the development of a marina, as the estate includes the land adjoining the bay.

Distance of hotel from the sea
Measuring from the high water line (as shown on the Sea Shore Survey), the hotel may be built 20m from the high water line in the best case scenario and 50m from the high water line in the worst case scenario.

Forestry
The land has been cleared of any restriction regarding forestry, except for the southern and western buffer zones. The vegetation is the same throughout the remainder of the site.

Waste management
Depending on the size of the proposed development and due to the close proximity to the sea, there are specific requirements regarding the treatment of effluent waste from the hotel and the surrounding villas, etc. The treatment plant must be of grade 3 or higher, which means that the treated water from the private plant can be used to irrigate the gardens and landscaped areas of the development with no adverse effects to any type of plant life

Government financial incentives
The Greek government offers financial assistance and incentives for tourism projects of high quality. Such assistance is provided at the stage when building permits are about to be issued.

The historical buildings on the estate are protected under UNESCO rules. Any repair of the existing historical buildings must be approved by the Greek archaeological department. The existence of historical buildings on the site also provides the opportunity for financial assistance from the government, as well as direct funding from the European Commission.