Long-delayed luxury revamp of former Athens airport to start in February

Lamda Development SA

09/11/2021 13:34

ATHENS, Nov 9 (Reuters) - After years of delays, an 8
billion euro {$9.2 billion) project to turn Athens' former
airport into a luxury resort should start construction in
February, its developer said on Tuesday.  
    Lamda Development  LMDr.AT  won a tender in 2014 to
transform the 1,500-acre (600-hectare) site of the former
Hellenikon airport, where disused runways, terminals and former
Olympic venues have sat abandoned for almost two decades.  
    But Greece's biggest urban redevelopment plan was repeatedly
held back by bureaucracy and opposition, and it was only this
summer that the company acquired the rights to start work on the
beachfront scheme about three times the size of Monaco.
    "Our aim is to have construction work started in four
months, in February," said Chief Planning and Construction
Officer Dimitris Zontanos. 
    After knocking down old buildings, Lamda will begin the
construction of a 200-metre high seaside apartment block and the
expansion of an adjacent marina, he said.
    Construction of an entertainment complex and a cluster of
beach villas is due to begin in 2023, with parks, lakes, gardens
and open spaces for public activities covering more than 70% of
the sprawling site, Lamda said.
    The company has said it has secured presale contracts worth
nearly 700 million euros for the residences and beach villas.
    The developer also plans to build two luxury hotels for 300
million euros and has signed agreements for the construction of
a retail park and offices in Hellenikon.
    The project is expected to create more than 80,000 jobs and
attract more than 1 million tourists a year.
    ($1 = 0.8655 euros)

 (Reporting by Angeliki Koutantou
Editing by Mark Potter)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))