The 5-star investment of Astera Vouliagmeni  by Arabs in Mykonos is now getting closer after the approval by the competent Directorate of the Ministry of Environment of the Technical Environmental Study (TE.PE.M) for the installation and operation of the construction sites.

This is a strategic investment on the island, with a budget, based on the latest figures, of EUR 78.6 million.

The project provides for the creation of a 5* hotel with a capacity of 192 beds and supporting works at the “Karapetis” site in the Ano Mera area, under the relevant Special Plan for Strategic Investment Spatial Development (ESXASE).

Based on the decision of the Ministry of Environment, specific terms and conditions are now set for the establishment of the project’s construction sites.

As stated, among other things, “the environmental conditions and restrictions included in the relevant Joint Ministerial Decision (No. 4658/19.01.2022 ) regarding the management of environmental impacts during the construction phase of the works, noise, air emissions, liquid and solid waste” and so on, and “the management of municipal waste should be carried out in accordance with the environmental management plan for the construction of the project”.

It should be noted that the investment, to which the municipality has openly opposed with an appeal to the Council of State, is now proceeding at this juncture – more than four years after the initial approval of the ESXASE in 2019 – and while the time limit set for the suspension of building permits in the off-plan areas of Mykonos has been extended until the first half of 2024 (it expired at the end of last year).

Precisely the fact that the project of the Arabs of Blue Iris S.A. is being promoted through ESXASE – which are controlled by the CoE due to the adoption of a Presidential Decree – is a key reason why, for its part, the Supreme Court of Appeal, following the appeal of the municipality, ruled that ESXASE were rightly exempted from the building suspension in Mykonos, given that they follow a specific environmental framework in relation to projects constructed on the basis of scattered, off-plan building:

“The environmental impacts of ESHASEs are studied in two stages and ensure more adequate consultation with the public concerned and the relevant agencies (forestry, archaeological, etc.)”.

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Blue Iris is controlled by AGC Equity Partners, the investors of Asteras Vouliagmeni.

The Mykonos project includes, in addition to the 5-star unit, catering facilities, a wellness centre, an open-air theatre and a marina, for which, however following an appeal by the municipality, ruled against the project on the grounds that it could be located additionally, essentially as an adjunct to the tourist facility and have the corresponding (small) capacity in terms of the number of boats provided for by law, but not for the purpose of meeting wider docking needs unrelated to the hotel unit.