Luxury villas and residences, shopping malls, shops, yachting clubs, hotels, and even a heliport and a marina are provided for by the large investment of 220 million euros that got the green light from the competent ministries.
A "little Ellinikon" will emerge in the coming years in Rhodes. This is how the ambitious project of Marines Rodou S.A. can be described.
This is an investment that is estimated to exceed 220 million euros and promises to transform the wider marina area, which occupies a large part of the beachfront of the city of Rhodes, into a high-end tourist pole of high standards, significantly upgrading the tourist product of the island, especially in the rising segment of high-income visitors.
The master plan of the investment - by the hand of the famous architectural giant Benoy in collaboration with the Greek architectural office Mitakidis and Associates - envisages the development of a complex project with luxury villas and residences, a shopping centre, shops, a yachting club, a hotel, up to a heliport and a watercourse.
Furthermore, the project will be a model for utilising green solutions and focus on development and employment for the local community. Its final design will, of course, depend on various factors.
It should be noted that in 2009, the area where the marina is located today was still rocks, and in 2016, after investments of tens of millions of euros, it was transformed into one of the best and most modern marinas in the Mediterranean.
In 2019, Marines Rhodes S.A. passed into the control of a strong fund of American Cypriot interests, which has the necessary capital base for the demanding new venture.
The Rhodes Marina was also visited in November 2021 by Prime Minister Kyriakos Mitsotakis, accompanied by government ministers, who were informed in detail about the project by the head of the company, Thomas Triantafyllou.
Based on the master plan of the investment, five residential "towers" are planned to be created, three of which will be eight floors and the other two four floors, 13 two-story maisonettes, and 22 luxury villas.
Regarding the commercial uses, in addition to the existing buildings, it is planned to create new spaces for shops and offices, a hotel, and a four-story yachting club, while the capacity of the marina will reach 620 places from small boats to ultra-luxury yachts of 100 metres.
Regarding the schedule, the port projects will be implemented in the first phase as all the studies have been completed, and their construction will start within the year, to be followed by the residential buildings and other infrastructure in the coming years.
The decision that paves the way
At the end of 2023, the Joint Ministerial Decision of the Ministers of Environment and Energy and Tourism gave the green light to modify the location of the tourist port/ Marina of Rhodes.
As mentioned in the decision, the zoning of the Rhodes Marina is of a mixed type that will combine residential, commercial and recreational infrastructure, an area with luxury residences, world-class facilities and services for boats, a multitude of shops and waterfront dining areas, as well as a series of proposals entertainment.
The marina will offer a selection of luxury residences, while south of the entrance axis is the boat storage area where technical support services, repairs and maintenance of boats and their equipment (usually small scale) will be provided, and the necessary means of towing and launching them.
In addition, there will be cooperation with the Ship Repair Center of the Municipality of Rhodes, which has started operating in the Kanamat area for the largest-scale repairs.
High-rise luxury residential buildings
Future developments are described in detail in the decision. In particular, it is foreseen:
In the first building block, located in the southern part of the marina, there will be three high-rise buildings, characteristic of their architecture, with luxury apartments, which will be erected in such a way as to ensure visual passages to all the adjacent buildings. These three buildings will be located above a two-story underground parking lot.
In front of it, facing the marina, there will be a series of shops to serve the needs of boats (agents, maintenance materials, mooring and operating materials, etc.).
The uncovered space above the parking lot that occupies a large part of the building block will be planted and will be a green and sports zone. In part, a large arc-shaped swimming pool will be built, the string of which will be placed parallel to the seafront, forming a sense of continuity with the sea.
Administrative Services - Commercial Park
The second section will house all the buildings required for the operation and administration of the marina.
The third section, with the commercial zone, will be developed on an area of 20,000 sq.m. in two-story buildings that will be separated by sheltered (covered) pedestrian walkways and include shops, restaurants, cafes and service offices.
Behind the commercial zone is a four-storey complex with the use of a hotel in an area of 7,200 sq.m., while on the north side of it, another four-storey building on the beachfront, in an area of 5,600 sq.m.
Ultra-luxury villas and maisonettes
In the fourth section, 22 luxury villas will be developed between the road that crosses the marina and the beachfront on an area of 11,400 sq.m.
All the villas will be built on an open-plan basis, with comfortable interiors, green gardens and private swimming pools oriented towards the sea.
On an area of 3,500 sq.m., behind the zone of villas, 11 luxurious two-story maisonettes will take their place. Also, at the northern end of the marina, two four-story buildings will be developed on an area of 3,000 sq.m.
Heliport - Waterway
In addition, a waterway, a seaplane reception station and a helicopter landing-takeoff field will be located. The watercourse is located within the marine space of the marina, and for its needs, the construction of a floating jetty is planned.
Also, a reception building with the necessary functions will be built to serve its passengers. The helipad will be located at the southeast end of the marina and will be operated for the exclusive use of the marina.
The beachfront
A 15-metre-wide paved pedestrian walkway will be created along the beachfront, allowing for uninterrupted pedestrian traffic along its entire length.
A public transit and entertainment area of approximately 9 acres will thus be created. Parallel to this pedestrian walkway, there will be a corridor where only the marina's electric cars will be allowed to service the boats.
The decision states that the number of parking spaces provided for in the original plan was 300 outdoors, while in the new zoning, they amount to 936 spaces, of which 875 are underground and only 61 are outdoors that will exclusively serve the occupants of the luxury detached houses.
The surrounding area of the building facilities of the marina has an area of approximately 83 acres. 25% of this will consist of roads and sidewalks that, like the beachfront, will be built with bioclimatic materials and on which trees will be planted.
For the remaining 75%, a study is being prepared by specialist horticultural researchers in order for the marina to be a modern example of green development.
It should be noted that from the beginning of its operation, the Marina of Rhodes has been built with facilities for disabled people, and people with disabilities have been taken into account. This will also apply to future developments for access to both outdoor spaces and buildings to be erected.
The adventurous history of the Marina of Rhodes
A vision of decades was the creation of the Marina of Rhodes, however paradoxical this may seem as we are talking about an island that belongs to the flagships of Greek tourism.
Its gradual construction to its current form also took over 20 years. The first phase of port works, in the mid-1990s, involved the windward and leeward piers and the breakwater.
In 2003, the Ministry of Tourism granted the marina to the Municipality of Rhodes. In 2006, the municipality proceeded with an auction of the new marina. The contractor of the competition was Marines Rhodes SA., which was established that year and entered into a 70-year contract with the Municipality of Rhodes for the concession of the area.
Since then, the company's shareholding has passed through various schemes. In particular, two years after its establishment, Marines Rhodes was transferred to the group of the technical company Betanet of the Zavliaris brothers, with Triton Yachting of the Kolintza family as a minority shareholder.
Subsequently, 60% of the shares went to Eurobank, as it had been pledged for a Betanet bank loan. Eurobank, in turn, sold the share package to AEGEK, which, in the process, was transferred to the contractor Yiannis Maroulis. Ionios Techniki S.A., also owned by Mr. Maroulis, undertook the construction project of the new marina.
For this purpose, it was financed with a loan of 30 million euros in 2011. However, the project was delayed, the loan defaulted, and the bank denounced it.
This was followed by the well-known collapse of Ionios Techniki and the subordination of AEGEK to the management of the banks, while the Maroulis family retained control of the marina through Pterelaos S.A., which was now the sole shareholder of Marines Rhodes S.A.
In 2019, Eurobank, as part of its strategy to reduce banks' red exposures, proceeded with the sale of the 35 million euro loan of Marines Rhodes S.A. in a fund of American Cypriot interests.
The shareholders of The Palisades Group, LLC, are Cypriots born and raised in the USA, and in 2017 they founded Palisades Europe.
The loan and, subsequently, the pledged shares of Marines Rhodes SA. were acquired through Palisades Greek Holdings LLC in 2019. Substantial investments were subsequently made to shape and complete the marina.
Thomas Triantafyllou: The most important development project for the Aegean - The president and managing director of Marines Rhodes SA. talks about the implementation of the ambitious project
Proto Thema spoke with the president and managing director of Marines Rhodes SA. Thomas Triantafyllou characterises the ambitious project as the most critical development and tourism project for Rhodes and the Aegean in general.
He is the man who, since 2009, took responsibility and implemented the work of the current Marina Rhodes, but also the one who will run the project the next day.
Describe the project to us. What will it include?
The tourist port of Rhodes is today the most modern yacht marina in the Aegean archipelago and among the best in the Mediterranean.
In the present phase, having received all the necessary permits, the port works are being completed, and the land part is being developed where residences, villas, shops, offices, a yachting club, underground parking, family employment areas, recreation areas, health and wellness centres, a heliport will be built—and seaplane reception station.
At the same time, we have included an effort to upgrade and highlight the beachfront in the investment. We envisage a modern marina, fully competitive against all the marinas of the Mediterranean and especially Turkey.
Regarding its environmental footprint, the design envisages its operation as a green marina. - How did the marina start, and what phase is the new project in?
The marina began construction about 30 years ago and bounced from investor to investor, experienced contractor bankruptcies and so many problems that kept the project stalled for nearly two decades.
Its current form was licensed in July 2016, and in 2019, new shareholders took over, adopted the vision and secured us full funding. This is the reason why the Rhodes Marina has developed by leaps and bounds in four years, and today, we are one of the best Greek marinas in the provision of services.
In fact, in the last two years, we have been among the five finalists in a global competition for the provision of services to super yachts.
As for the new project, at the moment, the modification of zoning and environmental conditions has been completed, which, in fact, gives a positive environmental balance compared to the previous ones.
I want to emphasise that we reached the completion of the licensing and this phase of project development thanks to the personal interest of Prime Minister Kyriakos Mitsotakis himself, the relevant ministers and government officials, the local parliamentarians, and also with the support of the South Aegean Regional Authority and the Municipal Authority of Rhodes.
What is the project budget?
The initial budget had reached 155 million euros. However, it had been prepared with prices before the war in Ukraine and the explosion of price appreciation in Europe. We are in the budget review phase.
How much higher the final investment will reach we will be able to say with certainty in the near future.
- Have the necessary funds been secured, and from which sides?
The company's sole shareholder is an American investment fund with high equity capital and many large assets. Nevertheless, after the upward revision of the budget, the possibility of cooperation to secure additional sources of funding should not be ruled out.
- What is the marina's capacity today, and what will it be after the completion of the project?
Today, the Rhodes Marina has a capacity of 381 to 440 berths, depending on the size of the guest boats. After the completion of the project, the capacity will reach 563 seats, while at its maximum, 621 seats, always depending on the size of the boats.
- Are you interested in future developments? There is tremendous interest in both residential and commercial activities. We have been approached by names we never imagined. - What does this project mean for the island of Rhodes?
Each luxury marina works additively to upgrade its tourist products. In this respect, Rhodes is today the most mature tourist destination in Greece, with vast experience in the management of mass tourism.
By common confession, the kind of luxury tourism, in the sense of offering personalised services to the world's most demanding customers, has not been developed in Rhodes. Therein lies the heart of our aim, and I am sure that the benefit of its achievement will be shared across the island. Upgrading the tourist product is our main goal.
At the same time, approximately 500-800 workers will be employed during the construction of the project, and approximately 1,500 will be needed to staff 200 departments (in stores, management, maintenance, hospitality, catering, advertising, etc.) during its operation stage.
Also, 250 companies as external partners will provide their services for the marina's and its visitors' needs.
Stavros Grimanis is a columnist for Proto Thema.
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