A significant step to revamp the 640,000-square-meter seaside area in western Piraeus to include tourism installations and a sea park was taken last month during a meeting with the country’s public works minister, Giorgos Souflias, the merchant marine inister, Manolis Kefaloyiannis, the local mayors and the owners of properties in the area (the National Bank of Greece, the Piraeus Port Authority, British Petroleum and AGET Heracles).
The revamping plan discussed may grow into one of the biggest and most ambitious projects in the real estate sector as its budget could range from 600 million to 1 billion euros, while its full development will take at least 10 years.
The final plans are not ready yet, but it is estimated that the buildings erected will cover 320,000 square meters, while public spaces will include 300,000 square meters, including 88,000 square meters by the sea.
Initial disagreement, however, began when one of the municipalities involved (Drapetsona) proposed that buildings should be reduced by 130,000 square meters. Nevertheless, the existing timetable provides for the rapid completion of talks between parties concerned for the final study to be tabled and the international tender to start in the next 12-18 months.
A study by Thymios Papayiannis and Associates for NBG says that “the exceptional location of the area allows for a broad intervention that will render Piraeus an international multifunctional center, upgrading radically its civic and organizational infrastructure.”