Works Begin on Mega-project ‘The Ellinikon’ Along the Athenian Riviera

Photo source: @PrimeministerGR

The highly-anticipated, 8-billion-euro The Ellinikon project to go up at the former Athens airport and breathe new life into the Athenian Riviera has finally entered implementation phase following an inaugural event on Monday.

The flagship commercial and recreational hub, the largest privately-funded investment in Greek history and the biggest greenfield urban infrastructure development investment in Europe, will include a wide variety of projects such as Europe’s largest coastal park and the first “smart” park in Greece – The Ellinikon Park, and the country’s first integrated resort and casino (IRC): INSPIRE Athens.

Once completed, The Ellinikon is expected to increase international tourism arrivals to Attica by 1 million, create more than 75,000 jobs, and contribute 2.5 percent to GDP generating tax revenue to the tune of 14 billion euros.

Source: The Ellinikon

Dozens of sub-projects of The Ellinikon are currently being carried out or being tendered off including those for the Riviera Tower, Greece’s first ‘green’ skyscraper; sports and accommodation infrastructure; Vouliagmenis Mall; homes and villas at Agios Kosmas; as well as luxury hotels to be carried out in collaboration with TEMES SA, owners of luxury resort Costa Navarino in Messinia, one of the largest tourism investments in the Mediterranean.

The company will invest 250 million euros in water and sewage networks, electricity, road networks and sidewalks, flood protection, the regeneration of Agios Kosmas beach as well as marina upgrades; 50 million euros will go into tunnel works and running Poseidonos Avenue underground; 15 million euros for the creation of a building for people with disabilities – the first building project at The Elliniko set to be completed in the fall of 2023.

Greek PM Kyriakos Mitsotakis. Photo source: @PrimeministerGR

“Today, Greece is making history,” said Prime Minister Kyriakos Mitsotakis during the inaugural event. “The prelude of the new era for the coastal front and Attica is being written as the main part of the redevelopment of Hellinikon formally begins… an unprecedented project for our country,” he added.

Spyros Latsis, the main shareholder of Athens-based Lamda Development, the company that has undertaken the mega-project announced via teleconference that a number of residential buildings would be made available at more affordable prices than those of the market since The Ellinikon has already boosted the value of property in the Southern Athens suburbs.

“There have been and will continue to be many difficulties in an ever-changing international environment, but this project fills us with passion because we believe it is a great opportunity for our country to be heard in the appropriate way around the world,” said Lamda Development CEO Odisseas Athanasiou on Monday.

Greek PM Kyriakos Mitsotakis with Lamda Development CEO Odisseas Athanasiou. Photo source: @PrimeministerGR

“We are fully aware of our responsibility and we are committed to overcoming all difficulties to achieve in carrying out the most beautiful urban regeneration project in Europe.”