The €524 million investment, being promoted on the western coast of Greece by a port company called Astakos Terminal SA, aims to transform the maritime and industrial area into an international destination for luxury marine tourism, business and hospitality, creating a new hub for economic growth in the Ionian Sea.
The major investment plan is entering the final stage of the licensing process after the Xiromero Municipal Committee issued a positive opinion on the Strategic Environmental Impact Assessment for the Special Spatial Development Plan for Strategic Investments, paving the way for the project’s next steps.
The so-called Nautilus Project, which was granted Strategic Investment status in 2025, involves the complete regeneration of an area covering approximately 1,778 stremmas—177.8 hectares—in the Gulf of Astakos. The area was originally developed to support industrial growth but was never used as initially planned.
The new development model will completely transform the area’s character. Instead of an industrial hub, plans now call for an integrated, high-value destination centred on marine tourism, marinas for large yachts, luxury hospitality and business activities.
The building coefficient for the area is set at 0.2, translating into a maximum permitted building area of approximately 344,900 square meters. More than 50% of the total site is expected to be allocated to public spaces.
Marina for mega-yachts
At the heart of the project is the transformation of the existing commercial port into one of the Mediterranean’s largest marinas for mega-yachts.
The new facility will be able to accommodate more than 350 recreational vessels, including 105 berths for yachts exceeding 40 meters in length. The infrastructure aims to place Platygiali on the international luxury-yachting map, attracting yacht owners and visitors with particularly high incomes.
However, the plans extend beyond the marina. They envisage the creation of a fully integrated mixed-use destination combining tourism with residential and business activities—and even film production.
Seven development zones
The investment plan is organised into seven distinct development zones intended to serve different but complementary purposes.
More specifically, the complex will include five-star hotels with a combined capacity of 565 rooms; luxury homes and apartments; office space; retail stores; restaurants and recreational facilities; a conference center; sports facilities; cultural venues; and a low-impact business park.
Additional infrastructure will include innovation facilities, exhibition spaces, a helipad and even film studios.
Investment in three phases
The project is expected to be completed within seven years and will be developed in three successive phases.
The first phase, with an estimated budget of approximately €524 million, includes the main port and technical infrastructure, extensive site works and most of the construction. Construction costs alone are estimated at around €434 million. The subsequent phases will involve developing the hotels, business facilities and all complementary uses.
Particular emphasis is also being placed on the investment’s economic impact across the broader Aetolia-Acarnania region.
According to the relevant studies, approximately 700 jobs will be created during construction. Once the complex is fully operational, the number of permanent jobs is expected to reach 1,150.
Environmental conditions
The positive opinion issued by the Xiromero Municipal Committee is, however, accompanied by specific observations and conditions.
Among other things, the committee has called for particular care to protect the natural environment, water resources and archaeological heritage, as well as guarantees of meaningful benefits for the local community.
The committee also highlighted the need to increase employment opportunities for local residents, upgrade the road network, examine whether desalination plants could cover some of the project’s water needs, and restore the six streams running through the site before construction begins.
The investment consortium
Cyprus-based MYMAR Nautilus Investments Limited has been appointed master developer responsible for bringing the project to maturity and overseeing its development. It has also been designated as the authorised representative for the entire licensing process.
The consortium’s objective is to transform the existing industrial port into a modern marine village built to international standards and capable of competing with similar developments across the Mediterranean.
Source: Ta Nea
