Hellinikon Project Gets Green Light from Greek Gov’t

The Presidential Decree that paves the way for the development of the multi-million-euro Hellinikon project was signed on Friday by the relevant ministers at the Maximos Mansion in Athens.

The signing of the decree follows a series of continuous setbacks and obstacles that involved land use and construction conditions.

According to reports, the final text of the decree does not involve any substantial changes in terms of construction compared to the original master plan of the investor Hellinikon Global (consortium of Lamda Development, Fosun and Eagle Hills). The heights of the planned six high-rise buildings (skyscrapers), up to 200 meters each from the sea surface, and other planned buildings, 50-70 meters each, remain unchanged.

The decree was signed by Environment and Energy Minister George Stathakis, Culture Minister Lydia Koniordou, Deputy Environment Minister Sokratis Famellos and Deputy Finance Minister Katerina Papanatsiou. Greek Prime Minister Alexis Tsipras and Minister of State Alekos Flambouraris attended the signing.

The decree will now go to the Council of State for reveiew and the project is expected to kick off by summer 2018.

“We have overcome difficult obstacles and are moving forward. Works will begin by the summer and by the end of 2018 they will be in full swing. An emblematic investment begins and will not be left alone,” PM Tsipras said on Twitter.

The ambitious 7-billion-euro Hellinikon project is 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 project in the long-run is expected to create 70,000 jobs.