Turning Ithaca into paradise

The legwork for the project began a decade ago, but now investors believe they are in the final stretch, as mentioned to the press by attorney Dimitris Christopoulos, legal representative of the firm Smenter Limited that is shown as owning the area of around 400 hectares in southern Ithaca, about 3 kms from Vathy.

As Greek Australian James Molfesis notes, research began in 2002, and in 2005 the land was purchased. As he explained initially the plans called for a hotel, but feasibility studies showed that the island needed something larger. As he says Homer himself took care of marketing. The investment is expected to cost around a billion euros with a deviation of 10-15%.

As explained by those involved the project involves investors some fo Greek Australian stock, some even hailing from Ithaca, but others could also join the fund as Mr Christopoulos explains. Mr Molfesis notes that the funds for the project are already guaranteed.

The basic impediment at this point is finalizing the environmental study. The management of the project has been undertaken by Portfolio International Holdings Limited, that has undertaken similar projects in Australia, Costa Rica, Abu Dhabi, Elounta, Florida, California, etc.

Officials at the development ministry confirm that company reps visited the ministry in August and February 2013 asking to learn the legalities of investment in Greece. The project is also known to officials at the Enterprise Greece organization, but they note it has been some ime since any meetings took place.

As the project managers note, the ILIAD Resort is situated on 400 Hectares of Ocean front land on the mythical island of Ithaca, Greece, when complete it will be the largest master planned resort in the Greek Islands. The project has planned to include an 18- hole Greg Norman designed golf course, www.shark.com , a 200 slip mega yacht marina, a waterfront village and marina retail, Six (6) luxury resorts, comprising 1020 resort suites and condominiums, and 150 golf course residences. 

Setai Hotels and Resorts - www.setai.com, Rosewood Hotels & Resorts - www.rosewoodhotels.com, and Rotana Hotels - www.rotana.com have all agreed to manage, brand and operate individual hotels, villas and residences within the master plan, bringing their collective sleek design and 5 star management operations to this unique development.
 

Portfolio has since inception been the Developer, Project and Construction Manager for the planned oceanfront Resort, and currently oversees all aspects of the projects development works for the owners, Smenter Limited, Greece