NCH Capital breaks ground on the Kassiopi Tourism Project in Corfu
After eight years of judicial and bureaucratic obstacles, NCH Capital began construction activities at the Kassiopi Project, a € 120 mln greenfield investment in a five-star tourist resort on the Greek island of Corfu.
Greece: 22 May 2020
NCH Capital won a Greek privatization tender jfor the development of the 490-acre site at Kassiopi, Corfu in 2012. After signing the deal, several area residents, environmental groups and municipal authorities filed lawsuits against the project, citing environment protection reasons why the investment should be cancelled.
The Council of State rejected the original cases and the appeals. However, the appeals process has delayed the project start.
The development is based on a 5-star tourist village consisting of 76 suites, 40 vacation homes and a 60-berth marina.
Modelled as a “green project”, limited construction will be undertaken in order to create an environmentally-friendly tourist resort. The intention is to preserve the natural beauty of the site with a design which limits vehicle traffic and use of electricity.
The construction of the hotel units and infrastructure is expected by March 2021. The construction of the vacation homes should be finished by 2023.
The tourist resort could create approximately 1,000 jobs for workers during its construction phase.
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