Former airport installations in the south of Athens are destined to be transformed into the largest residential entertainment complex in Greece and the Mediterranean in general.
In November 2014 the sale contract of Hellinikon SA. was signed between LAMDA Development and Hellenic Republic Asset Development Fund (HRADF). The main objective of the project is to completely transform the Athens’ former airport Hellinikon, with a total area of 6 200 000 sq.m. It is probably the largest private investment in Greece. The international architectural firm “Steelman Partners” has undertaken to develop the project’s design. Greece’s architectural past, more precisely Athenian statues and buildings, such as the Parthenon and Caryatids, has been the source of inspiration for the design of the project.
The Hellinikon project will place Athens among the top tourist destinations worldwide, creating a significant number of new residential buildings and architectural monuments in the same breath. In addition, the project is expected to attract approximately 1 million new tourists. This will contribute to a reduction in the country’s seasonality and will significantly extend the average length of tourist stay. In turn, lengthening the average tourist stay will boost receipts. The total investment is estimated at € 8 billion and it will contribute to Greece’s GDP by 2.4% by completion date and over € 14 billion in taxes.
Investments include the following:
• residential and hotel complexes
• commercial real estate
• venues for families, museums, cultural centers
• health centers, sports facilities, and recreation areas
• centre for education, research, and entrepreneurship
• Agios Kosmas Marina (308 berths)
Metropolitan Park with a total area of 2000 sq.m. will be the project’s main attraction. This oasis of greenery will change the landscape of the city and become the center of attention. Spectacular aquarium and free access to the beach 1km in length are only some of the attractions that visitors will enjoy.
Project implementation by 2024:
• Residential Tower (height 200 m, with a total area of 45,000 sq. m)
• about 800 residences
• luxury hotel
• marina for small boat yachts
• 37% of the project infrastructure
• 2 shopping centers: Vouliagmenis Shopping Center (72,000 sq.m), and the second, the smaller one, will be located in Agios Kosmas Marina
Also, the following projects are scheduled to be completed by 2025-2026:
By 2025-2026 the construction of the Metropolitan Park, a magnificent 1 km long sandy beach, and the Aquarium will have been completed. Also, by this time the implementation of infrastructure projects, such as Agios Kosmas Marina and the coastal promenade, with many shops and entertainment venues, will have been finished.
The largest part of the project is expected to be completed in 12 years. The exact project completion date depends on the development of the residential area, in particular, on the construction of 8000 houses.
This highly- anticipated project will change the lives of the Greeks forever. It will elevate Athens to global city status, making it the top tourist, recreational, and cultural destination. The Hellinikon project will also usher in a new era for the Greek economy, with the investment totaling €8 billion and the creation of approximately 70.000 new job positions.
It should be noted, that such megaprojects create opportunities not only for large market players, but also for private investors. It is a unique chance to acquire a real estate property in Greece and invest in various projects in Athens, or even obtain citizenship through investments. In turn, the DKG Development Company will help you to understand exactly what your needs are and to fulfill them completely.