Phaea advances 121 million euro resort project in South Crete

The Phaea – South Crete project has reached a new milestone following positive approval from the Viannos Municipal Council regarding its Strategic Environmental Impact Study. The investment, valued at approximately 121.1 million euros, is being implemented by Myrina Village Μονοπρόσωπη Α. Ε., a company wholly owned by Phaea, which is linked to the Spavokou and Vasilaki families.

Located in the Skouros area of the Viannos Municipality in Heraklion, Crete, the development covers approximately 155 stremmata. The project is classified as a Strategic Investment. The planned complex includes a five-star hotel with roughly 140 rooms and a capacity of up to 370 beds, supplemented by 30 furnished tourist residences providing up to 208 beds. This brings the total projected capacity to 578 beds.

Facilities intended to support the resort include an all-day restaurant, a communal pool, and wellness, fitness, and spa areas. The municipal council noted that the project aligns with existing spatial and urban frameworks and is expected to boost the local economy and year-round employment.