The President of the Hellenic Republic of Greece, Prokopios Pavlopoulos, has signed the Presidential Decree, which was published in the Government Gazette on Friday, the company said in an announcement.
The project — named Itanos Gaia — will be constructed at the Cavo Sidero peninsula, Northeastern Crete, in the prefecture of Lasithi and aims to become a landmark of sustainable architecture in the hotel industry.
Valued at some 267 million euros, the luxury holiday resort will include hotels, golf courses, a marina, a conference center, a wellness center and other high-end facilities.
“The issue of the Presidential Decree is a transformational event for the Group and means that Minoan is in a position to accelerate discussions related to the development of the Project”, Minoan Chairman Christopher Egleton said.
According to Minoan Group, the resort is expected to create 1,200 permanent jobs and another 2,000 for local suppliers.
The company, listed on London’s Aim market, had first applied for approval to build the holiday retreat in 1991 but had to overcome legal obstacles after residents and environmental organisations opposed the project.