Multi-billion-euro Hellenikon Investment Dogged by Delays… Again

The Hellenikon project, Photo Source: Lamda Development

By Maria Paravantes

First it was a forest, then an environmental impact study and now it’s archaeology as the massive investment and highly anticipated Hellenikon project along the Athenian Riviera, expected to boost state coffers by some 14.1 billion euros in tax revenues by 2041, is yet again ground to a halt.

The Hellinikon project. Photo Source: Lamda Development

This time, the 8-billion-euro project to develop Hellenikon, Athens’ former airport complex, into a metropolitan park has run into the scrutiny of Greece’s Central Archaeological Council (KAS), which convened on Tuesday, but failed to produce a decision eight hours later.

The KAS met to examine whether sections of the plot up for construction should be declared of archaeological interest and thus be placed under special protection, in which case the project cannot go ahead as planned.

In the meantime, the investment that is expected to create some 70,000 jobs, was given the green light by majority vote in Greek parliament last September.

KAS said it would reconvene in two weeks’ time.