Hellinikon Project breaks ground in Athens, Greece
Following the resolution of a court case to award casino development, Lamda Development has broken ground on the Hellinikon Project. This is an ambitious plan to transform 6.2 million square meters in Athens into an urban park, living space, conference and hotel space, a marina and other infrastructure.
Athens, Greece: 3 July 2020
The Hellinikon Project is an € 8 bln investment to transform the site of the old Athens International Airport. Covering a prime, seafront location of 6,200,00 sq.m., the Hellinikon Project will consist of:
One of the largest municipal public parks in Europe;
a Yachting marina;
Science and Research Institutions;
a Multifunctional Events Center.
It is expected the project will create more than 75,000 jobs in total and by the end of the investment period will have contributed more than € 7.42 bln to Greece GDP.
According to Prime Minister Kyriakos Mitsotakis:
“It is the largest coastal park in the Mediterranean, but at the same time it will become a growth lever. In its full operation, Hellinikon will create more than 80,000 jobs, 10,000 jobs will be created only during the construction phase. … It will be a modern, ecological, environmentally friendly project, a project that will mark the beginning of a new era for Greece as we all envision it.”
According to Greek Reporter, the development of the 620-hectare Hellinikon site was a key element of the privatization that was part of Greece’s international bailouts. The project has been in delays and tied up in court cases for nearly two decades, with critics of the project citing environmental and heritage concerns. In 2018, the Greek Supreme Court approved the project.
Navigator Consulting supports property and tourism investments in Cyprus and Greece, and has extensive experience in due diligence on tourism and property investments. Please contact us for more information.
For further information, please contact:
Lamda Development. 2020
Greek Reporter. 3 July 2020
Navigator Consulting. 14 September 2020
Navigator Consulting. 20 July 2020