The Greek government signed a deal with Lambda Development today equalling $1 billion for the transfer of the property where the old Athens Airport in Hellenikon was once located.
The deal has been in negotiating stages since 2010 but political infighting and resistance from various municipalities that touch the land, as well as technical and political hurdles have delayed the signing, which took place on June 7, 2016.
“By signing this new agreement for Hellenikon, the implementation of an investment which will leave its mark on the development of this country has taken its course,” Greece’s privatization agency chief Stergios Pitsiorlas said in its statement.
The deal calls for Lambda to pay the 915 million euro sum in installments by 2018 and spend about 8 billion euro to turn the 1500-acre seafront land into a seaside town of hotels, parks, cultural sites, residences and shops (see video below)
The complex will include the development of the largest park in Greece and one of the largest in the world.
Lamda said the project would create 70,000 jobs and would be concluded in 12 years.
See Lambda’s proposal for the development of the Hellenikon site here:
Since you’re here… I have a small favor to ask.
More and more people than ever before are reading The Pappas Post and despite increasing costs to maintain the site and provide you with the quality content that you deserve, I will never “force” you to pay for our website or add a paywall. I believe in the democracy of the internet and want to keep this site and its enriching content free for everyone. But at the same time I’m asking those who frequent the site to chip in and help keep it both high quality— and free. We’ve implemented a “free-will” annual subscription for those who want to support our efforts. I guess it’s fair to call it a philotimo subscription… because you don’t have to do it but it’s really the right thing to do if you love the site and the content we publish. So if you like The Pappas Post and want to help, please consider becoming a “philotimo subscriber”. Click here to subscribe. If you’d rather make a one time donation, we will gladly accept any amount, with appreciation. Click here to donate any amount.