Loyalward Ltd, a subsidiary of the London-listed Minoan Group Plc, is completing an environmental study for its Cavo Sidero investment on the island of Crete, in a step forward for the delayed investment.
The data collection has been completed regarding the flora and fauna study in the development area. In the last year, research was completed on the project by a team of archaeologists and workers who were supervised by the Lassithi Antiquities.
Indeed it is noteworthy that, after the submission of the environment study to the relevant ministry, the issuance of building permits is the final stage ahead of the start of construction.
The constructive area will not exceed 0.5 percent of the total development area which is 108,000 square meters and will include hotels units and tourist residences. A total capacity of 1,936 beds and an 18-hole golf course are part of the design. The project is expected to create 1,200 direct jobs.
In the last year, the Minoan Group Plc has been signed agreements with business partners, reflecting progress made on the project. Specifically, it has recruited internationally renowned architectural and design offices, to take on the design of the hotel units and houses, aiming to achieve high standards.
The investment has the complete support of the local community and business association such as the Chamber of Commerce and the Sitia Hoteliers Association.