ATHENS, 12 May 2012 - Lamda Development is hopeful it can start one of Greece's biggest urban redevelopment plans in the autumn if it secures the property next month from the state, said the group's top executive on Wednesday.
The 1500 acre Hellenikon airport site on the Athens coast where disused runways, terminals and former Olympic venues have sat abandoned for almost two decades eventually will house shopping malls, hotels and residences under a 99 year lease with the state.
Lamda won a government tender for the redevelopment of the site in 2014, but has yet to be handed control of the business after years of delays due to local red tape, political resistance and economic concerns.
Last summer demolition crews began tearing down the first of hundreds of blocks that need to be removed from the site, which is three times the size of Monaco.
If the transfer takes place in June. you are already seeing construction work, if not in the summer, in autumn, to say Lamda Development CEO Odisseas Athanasiou told an economic conference in Athens.
The Finance Minister was not available to comment.
Athanasiou said he expected to pay a torrent of proposals from investors for the eight-billion euro project once the privately owned Lamda takes control.
The developer plans to set up partnerships and has already secured 2.5 billion euros to help finance construction of the necessary infrastructure and buildings for the first five years, he said.
The conservative government that took power in 2019 has vowed to speed up the project, which is expected to aid its efforts to pull the country out of a recession caused by the coronavirus pandemic following a decade-long financial crisis.
A consortium led by U.S. casino operator Mohegan Gaming Entertainment plans to build and operate a luxury resort on the site for 30 years.Why is it so that if you don’t agree with your bill, you can get away with everything.