Michalopoulos’ mega project in Ios moves forward amid protests

A major milestone in the development of Angelos Michalopoulos’ tourism investment in Ios was reached with the positive opinion of the Environmental Committee of the South Aegean Region. The investment, which has been the focus of controversy several times in recent years, concerns the creation of a Complex Tourist Accommodation on an area of ​​566 acres on the northwestern side of the island, specifically at the location “Koumbara – Diakofto – Faros”.

Positive opinion with conditions and remarks

The Environment Committee voted by a majority in favor of the approval of the Strategic Environmental Impact Assessment (SEIA) for the Special Spatial Development Strategic Investment Plan (ESCHASE), with the conditions proposed by the Cyclades Environmental Sustainability Directorate.

This decision contradicts the stance of the Municipality of Ios, which just a month earlier had refused to give a positive opinion, citing the pending publication of the Local Urban Plan (LUP), which is considered essential for the overall urban planning of the island.

During the Committee meeting, issues such as the carrying capacity of Ios, the need to strengthen existing infrastructure and the institutional lack of a Local Urban Plan were raised. As emphasized by legal advisor Eleftheria Volaki, the approval of the project will be made by Presidential Decree, which differentiates it from the usual urban planning procedures.

The remark of urban planner Panagiotis Getimis of the company Decathlon S.A. was significant, according to which this specific investment is the first case where the SMP incorporates load-bearing capacity indicators, a fact that, as he argued, ensures gentle development.

The investment plan: Luxury residences and a 5-star hotel

The investment is promoted by the company “105 Tourist and Technical Real Estate Exploitation Company”, whose vice president is Angelos Michalopoulos’ wife, Vasiliki Petridou. The plan foresees the creation of a Complex Tourist Accommodation that will include:

20 furnished tourist residences of various sizes, of which 14 will have an area of ​​280-300 sq m and the remaining 6 approximately 500 sq m.
A 5-star hotel with a capacity of 74 beds.
According to the SMP, the total facilities will be able to accommodate over 200 guests, while the design is based on principles of “particularly gentle tourist and residential development”, as it is characteristically stated, with complementary and mutually reinforcing uses that will organically fit into the landscape of the area.

Additional investment plans in Ios

This specific project is not the only one promoted by the Calilo group in Ios. As has been reported, the investment entity has an overall plan of 200 million euros for the island. In this context, two more investments are planned:

The development of a second Complex Tourist Accommodation in the Pikri Nero area.
The establishment of a third tourist residence complex with a capacity of 280 beds and 80 furnished residences.

The presence of the Calilo group in Ios

Angelos Michalopoulos, former Wall Street trader and initiator of the Calilo group, has been active in Ios since 2012, having already invested significantly in the island. Today, the group has:

Two hotel units: the Calilo Resort and the Agalia Luxury Suites.
Four dining and leisure venues: Pathos Sunset Lounge, Taste of Joy Restaurant, Free Beach Bar, Erego Beach Bar & Restaurant, and Steps Bar.

Reactions and prospects

Despite the progress of the project, reactions have not disappeared. Local reactions, concerns about the environmental burden, and concerns about the absence of a holistic urban planning continue to accompany the discussion about the group's investments in Ios.

The positive opinion of the Region constitutes, however, a decisive step for the implementation of the first of the three projects, which, as everything indicates, is now approaching the final phase of approval through a Presidential Decree.

The course of the project is expected to continue to concern both the local authorities and the wider tourist and business community, as it combines high-value tourist development with strong environmental and social sensitivities.