A year after the relevant file was submitted to Enterprise Greece, the investment of the Tsakos shipping group, through the company ATOKOS LTD, has officially received the green light.
The Interministerial Committee for Strategic Investments (DESE), at the meeting convened by the Minister of Development Takis Theodorikakos, approved the implementation of the project. This is a strategic investment of 85.4 million euros, which marks the dynamic entry of the family of shipowner Nikolaos Tsakos into the luxury tourism sector in the region.
An integrated sustainable luxury resort
The “Epic_O” project concerns the creation of a luxury tourist complex in Filiatro, Ithaca, an area with natural beauty and access to the sea. The total area of ??the property exceeds 870 acres, an area that allows for low-density development, in complete harmony with the island’s natural environment.
The investment includes the construction of:
- A five-star hotel unit with 60 beds.
- 50 autonomous luxury villas, which will have private pools and high-level amenities, aimed at high-income visitors.
Dining, recreation, shopping and spa areas, offering a complete accommodation experience. - Of particular strategic interest is the provision for the creation of a tourist port facility with a waterway. This element is expected to significantly upgrade the connectivity of Ithaca with the rest of the Ionian Islands and mainland Greece, placing it more dynamically on the map of marine tourism and yachting.
Ecosystem protection
According to the investment dossier, as submitted in July 2024, the main objective is the coexistence of high-quality tourism development with the protection of the local ecosystem and the promotion of the cultural identity of Ithaca. The philosophy of the Tsakos group focuses on sustainable luxury, seeking to transition the island to a more qualitative development model, while maintaining its authentic character and limited tourist exploitation.
In terms of employment, the project is expected to create 71 new jobs during its operation, while it will also employ dozens of workers during the construction phase, stimulating the local economy.
The Tsakos family’s tourism investments
The Tsakos shipping family already maintains strong ties with the Ionian Sea, as it owns the private island of Atokos, which is located opposite Ithaca and is a member of the Natura 2000 network. Although the island remains undeveloped in terms of tourism, its geographical proximity to the new “Epic_O” resort creates prospects for the creation of a single network of luxury experiences that will be oriented exclusively to marine tourism.
The approval of the investment in Ithaca comes in addition to a series of projects that the Tsakos group has undertaken in tourism, with the restoration of the historic Xenia Chios as a typical example. The progress of this project, despite many years of delays due to licensing, demonstrates the long-term and methodical strategy of the shipowner, who emphasizes the quality and timeliness of his investments.
With the approval of DESE, “Epic_O” now enters the licensing and implementation phase. If everything goes according to plan, the project aspires to be a benchmark for the island’s tourism development, placing Ithaca on the map of premium destinations in the Mediterranean.
