Greece’s privatization agency is pressing ahead with the sale of a former U.S. military base on the north shore of Crete – one of the country’s most eagerly awaited property sales – that will boost growth prospects on the island and comes amid an emerging building boom on the Mediterranean’s fifth largest island.

The 345,000 square meter property at Gournes is fronted by a 600-meter shoreline and is located near Crete’s largest city and port, Heraklion, and major tourist attractions like the Minoan era Knossos Palace. The property can be developed for mixed use as a tourism and leisure facility with an associated casino, or as a theme park and retail complex. The final date for submitting tender offers has been set for Oct. 15, with the project designed to have a positive impact on the local and national economy.

Long one of Greece’s leading tourist destinations, Crete welcomes some 5 million visitors a year. In the last two years, foreign investors have begun works on several new resort complexes on the island, while the Greek government is investing billions of euros to upgrade Crete’s transport and power infrastructure.

Photo Source: Hellenic Republic Asset Development Fund