The nearest settlements are Sitia to the west and Palaikastro to the southeast; otherwise, the entire promontory is uninhabited except for the modern military reservation at the tip of the cape.

Believed to have been founded as early as the 14th century, the monastery was placed on the upper southern slope of Moni Toplou Gorge (named after it), a tortuous, geologically and ecologically interesting ravine exiting into the Sea of Crete through a boulder-strewn declivity called "the Abbott's Beach" (he paralia tou hegoumenou).

The monastery was founded at a time when the classical city of Itanus, former owners of the promontory, was long gone, abandoned centuries earlier, and forgotten by all except the monks, who continued to be interested in the site.

For reasons unknown or not generally published the monastery inherited the entire territory of the ancient city, which it holds today as a major asset.

[2] A corporation has been created for its land holdings, "The Public Welfare Foundation of Panagia Akrotiriani," a subsidiary of the monastery and the Archdiocese of Sitia.

After the fall of Constantinople on May 20, 1453, and consequent end of the Byzantine Empire, Cretan defenders of the city returned to Venetian Candia along with "a stream of refugees.

[8] Centered near Heraklion, the quake, of magnitude 7.2 (Richter), affected mainly northern Crete, bringing down buildings and sinking ships in the harbor due to the tsunami.

A decree of March 13, 1613, allocated 200 ducats, presumably Venetian standard, presumably gold, presumably representing a lot of money, to the abbott, "Gabriele Pantogalo" for the rebuilding of the monastery.

Having to defend itself from pirates and invaders, Toplou monastery is heavily fortified, being laid out around a courtyard paved with sea pebbles and surrounded by strong, 10 m (33 ft) high square walls.

Today, it hosts an interesting exhibition of Byzantine icons, books and documents, a display of ancient engravings and a collection of artefacts which reflect its role in the historical events that influenced Crete during the last centuries.

The monastery possesses a series of about 20 portraits of monks, despotes and igoumens painted by the famous portraitist Thomas Papadoperakis.

The walls of the monks' dining hall, the "trapezaria", are also adorned with remarkable fresco paintings by the icon painter Manolis Betinakis.

Backed by strong political support, the so-called Cavo Sidero project is advertised as one of the largest tourist investments in Greece.

However, the Cavo Sidero peninsula is a Natura 2000 designated area of particular biodiversity and archaeological importance and home to the Vai natural palm forest, the largest of its kind in Europe.

On top of that, it is one of the driest areas on Crete and the large amounts of water that would be required by the developments when in operation will have a tremendous negative impact on the environment.

[16][17] Thus, despite the investors' assurances that the project has been designed to operate according to the principles of sustainable development, there has been strong opposition against it by the local population and several environmental groups, including World Wide Fund for Nature.

[18] In April 2009, the Supreme Administrative Court accepted the request of about 300 Sitia residents who sought to annul the ministerial decree of 2007, which adopted the environmental impact study for the project.