Lamda Development, the selected investor for the 7 billion euro development of Athens’ former airport in Hellinikon, submitted on Thursday its master plan to Greece’s state privatization fund TAIPED, the company’s CEO Odysseas Athanassiou announced during the company’s annual shareholders meeting.
The submission of the plan, which aims to turn the area into a world-class tourism destination that will attract an extra one million tourists per year, marks an important step towards the materialization of the project.
Once the plan is endorsed by a multi-ministerial committee it will go to the State Council for final approval.
Lamda Development has been waiting to get the final go-ahead for the ambitious project set to transform Athens’ former airport complex into a metropolitan park including the development of residential zones, hotels, shopping centers, theme parks, museums, open-air cultural venues, health and life centers, sport and leisure facilities as well as the creation of modern business, educational and research hub.
The investment is expected to create 10,000 permanent jobs during the construction period and 75,000 jobs (IOBE study, July 2016) during its maturity.
“The Project is expected to substantially contribute to the repositioning of Athens as one of the major world class tourist destinations as it will provide a significant number of new units as well as thematic tourism venues, expected to attract at least 1 mil new tourists while significantly reduce seasonality and at the same time increase the average stay over and spending of tourists in Athens.” – Lamda Development
Hellinikon development plan – timeline
During the first development phase (1-5 years), the coastal front and the Metropolitan Park will be redeveloped. In particular, plans include the upgrade of the marina, the construction of an aquarium, the construction of a 170-room hotel at the marina and to transfer and modernize St. Kosmas current sports facilities to a proposed area within the Metropolitan Park. During the same period, 16,685 trees and 176,430 bushes in a total area of more than 760 acres will be planted.
The second development phase (6-10 years) sees the construction of the integrated tourist complex (casino), as well as hotels, buildings for commercial uses, office buildings, buildings for educational and research activities, as well as a tall residential building (apartment complex) in the area of the marina. Works will include the additional planting of some 438 acres of greenery.
During the third development phase (11-15 years), all hotels, buildings for commercial uses, office buildings and buildings for educational and research activities will be completed and an additional 430 acres of greenery will be planted.
From the 16th year and onwards, additional commercial developments and residential buildings will be developed.
Meanwhile, in other related news, Lamda Development is now the sole owner of the The Mall Athens shopping center clinching the remaining 50 percent stake from Irere Property Investments Luxembourg for 200 million euros. The total value of The Mall Athens now comes to 381.2 million euros. The group also owns the Golden Hall and Thessaloniki’s Mediterranean Cosmos shopping centers.