One Prerequisite Down Nine to Go for Hellinikon Project to Move Ahead

The Hellinikon project.

By Maria Paravantes

Of the 10 conditions for the ambitious and still in limbo Hellinikon project to move ahead only one has been met so far with investors estimating that it will take more than a decade to clear outstanding issues.

According to an explanatory statement issued this week by Hellinikon Global – a consortium made up of Lamda Development, Fosun and Abu Dhabi-based Eagle Hills – nine conditions must still be met in order for construction on the project to begin. These are: the ratification of the contract by Greek parliament; the approval of the Integrated Development Plan by presidential decree; the approval of urban planning studies through a series of joint ministerial decisions; the distribution of ownership rights among co-owners; the transfer of property rights/title to Hellinikon SA; the establishment of a body responsible for the management and operation of communal areas; the granting of a casino license to operate within the property; the delivery of title to the property ensuring there is no previous chain of title; and resolution of all previous outstanding court cases with regard to the property.

This is the first time the investors are clarifying what needs to be done in order for the 7-billion-euro project expected to create some 70,000 jobs to begin.

It should be noted that the statement was issued in view of insider reports that Culture Minister Lydia Koniordou will side with the Central Archaeological Council’s (KAS) negative stance on the construction of six high-rise buildings, which are a non-negotiable condition of the investor’s master plan.

The investors further stress that the above conditions will require more than a decade to be met and provided that politics and doublespeak don’t stand in the way.