Hellenikon Project, Photo Source: Lamda Development
Set to bring billions of euros into state coffers and create over 70,000 jobs, the ambitious Hellinikon project along the up-and-coming Athenian Riviera is still four months later waiting for a decision by a legal dispute committee, after Hellinikon SA objected to the Piraeus Forestry Department’s claim that a section of the property is a declared forest area.
The said section of land is crucial to the realization of the investment, which involves the erection of a 1,200-room resort plus casino, investor Lamda Development said. If the decision is negative, Lamda will appeal to a secondary committee.
If and when the forest issue is resolved, the project will still require the green lights from the Central Archaeological Council (KAS) which has failed to determine whether the site has areas of archaeological importance.
In view of the delays, the first 300 million euro tranche will not be deposited and construction will most likely not begin in 2018.
The 8-billion-euro project involves developing Athens’ former airport complex into a multi-purpose hub complete with metropolitan park, shops, offices, sports and conference facilities, luxury hotels, theme parks, museums, malls, cultural venues, health centers, educational and research facilities and marinas.
