The Piraeus Port Authority says it expects to attract some 300 million euros in private investment funds when it allows the private sector, through a tender, to renovate and take over the management of its passenger harbor properties. The port regions open to renovation include from the Pagoda area on the Miaouli Coast to the Krakari sea wall. According to press reports, the port authority bases its expectations on a study carried out by the Bank of Piraeus, which suggests a one and only tender competition for the renovation of the harbor front from a contractor or consortium that will manage the area.
The port authority also intends to send out a tender this year for a much bigger program of harbor property exploitation, provided the plethora of paperwork can be handled in time. This proclamation of competition would include the exploitation of Pagoda – the existing Port Authority exhibition center – the creation of parking areas for the passenger harbor, the creation of modern passenger terminals, and the exploitation of storage units at Hetiona Coast.
As well, there are initial plans to seek private capital to develop the present Port Authority building (cruise terminal area) and then move authority offices to smaller quarters.
The Bank of Piraeus study also proposes, among other things, that the current exhibition center be changed into a multifaceted cultural center that could be used for concerts and include such things as cinemas on its floors. The ground floor area could be changed into a modern cruise-passenger terminal, says the study.