Lamda Development said this week that it was ready to proceed with the next phase of the 8-billion-euro Hellinikon upgrade project to transform Athens’ former airport complex into a metropolitan park complete with luxury hotels, theme parks, museums, malls, cultural venues, health centers, educational and research facilities.
Addressing institutional investors, treasurer and IR at Lamda Development Alexanders Kokkidis said all relevant details and approvals for the project were in place but they are awaiting the final go-ahead from the government.
The project has been running into one hurdle after another since its approval the latest being a forest which may create problems for the mega-investment.
“The company took part in an international competition by submitting a specific business plan and master plan” which lays out all the construction issues as well as details of the investment, said Kokkidis.
The said project is expected to attract over 1 million tourists annually.
Meanwhile, Lamda Development’s new subsidiary, Lamda Malls, will initially include the group’s shopping centers: the Golden Hall and The Mall Athens in Maroussi and the Mediterranean Cosmos in Thessaloniki.