My two kids and myself spent a great time over there. The studio is located on the sea right in front of Dia island which offers a splendid view. A family and quiet beach is available right next to the studio, just coming out the garden. The city is not so much full of tourists and bog hotels or clubs which was perfect for us to be in a calm family cocoon. Supermarket is quite close as well as restaurants and bars. A bus stop that will lead you from Kokkini Chani to Heraklion is very close to the studio (every 20 to 30 minutes) which enable you to easily enjoy : archeological museum (a must do), Knossos, cruise to Santorini... we also dived with Horizon Diving (great experience, they come get you at the studio).
If you are looking for a quiet place to stay even without a car that will more than do the job.