The Ministry of Development has approved the granting of incentives to the company HYDRA ROCK SINGLE PERSON S.A., owned by Yiannis Vardinoyannis, for the implementation of the investment plan “Creation of an Emblematic – Sustainable Tourist Resort of High Standards” in Poros and Ermionida, amounting to 474,625,000 euros excluding VAT.
Specifically, the investment plan includes the creation of a Complex Tourist Accommodation consisting of a 5-star hotel complex, 100 beds, with individual supporting facilities and special tourist infrastructure, 49 residences-villas, 3 modern luxury residences-mansions, as well as a Recreation Club with sports facilities, catering and open parking for small boats and the development of a Tourist Resort Village that includes 83 luxury tourist residences-mansions.
In detail, the cost for the hotel will amount to 48 million euros, for the special infrastructures tennis courts, basketball courts, sports tourism centers, wellness centers and gym will amount to 34 million euros, for helipads and swimming pools it will amount to 36 million euros and for tourist residences it will amount to almost 59 million euros. The budget for road construction projects will reach 19 million euros. The cost of other water supply, sewage, open space development and photovoltaic projects will reach 27 million euros. The construction of the tourist village will cost 251.65 million euros.
As for the incentives, the incentive of zoning is attributed to the preparation of a special strategic investment spatial development plan (ESHASE) with more specific uses “Tourism-Recreation” (Complex Tourist Accommodation) and “Tourist Holiday Village”. Also, the incentive of rapid licensing is attributed for the approval, issuance, and amendment of any necessary permit and administrative act for the purpose of implementing the above investment plan.
In addition, the beneficial provisions regarding the concession of use of the seashore and beach are applied. At the same time, the beneficial provisions on auxiliary and accompanying projects are applied. In particular, it concerns the relocation of a section of Provincial Road 58 Galata Ermioni, subject to the relevant approvals of the competent authorities. In the event of declassification of part of the forest areas of the intervention plot, following examination of the objections submitted by the competent authorities and in accordance with the applicable provisions, any declassified section may increase the intervention area on the investment polygon.
The financing of the investment project will be done with equity at a rate of 20% and from bank loans at a rate of 80%. The total time for the implementation of the investment may not exceed 15 years.
