The first building projects of Elounda Hills are set to start next summer by Mirum Group, a company promoting an investment of 800 million euros in Elounda, in Mirabello Bay, northeastern Crete. This is a project that foresees the construction of two luxury hotel units, a marina for mooring pleasure boats and around 500 luxury villas and residences.
Mirum is a real estate development company, owned by Vitaly Borisov, of Ukrainian and Israeli origin.
“We are currently constructing the marina and we aim to have started the infrastructure and network works after Easter. We are in the process of selecting a contractor for this specific project. At the same time, we are completing the studies in order to proceed with the process of issuing building permits. Therefore, we hope to start the first building projects on the coastal front of the property during the summer,” Angelos Angelidakis, CEO of Mirum Hellas, tells Kathimerini.
It is recalled that the Government Gazette entry for the urban planning of the project was issued last November, paving the way for the issue of building permits.
A luxury resort will be created on the 735,000 square meters, which will be implemented in various phases. The first phase, worth 350 million euros, is scheduled for completion in 2028 and provides for the construction of two hotel units (a central building with 129 rooms and a beachfront building with 14 rooms), 134 residences (villas and apartments) and a commercial village, as well as the marina, which will be ready as early as 2026.
The marina will operate under the umbrella of Camper and Nicholsons Marinas, while the hotel and the branded residences will bear the brand of 1 Hotels, a member of the Starwood hotel group. In fact, this is the first unit of its kind in the wider Mediterranean region.
According to Angelidakis, the holiday homes play a central role in the project, as part of the investment will be financed through pre-sales, with the remainder being covered by bank loans. “To date, we have secured reservations for 55 residences, while pre-sales have been made for approximately 14 units,” he said.