Greek Parliament Approves Massive Hellenikon Coastal Development Project

The Greek Parliament approved with a wide majority the deal for the sale and long-term lease of the land where the old airport of Hellenikon once operated in southern Athens.

The 7 billion euro plan will convert the derelict land into one of Europe’s biggest coastal resorts complete with shopping, retail and office centers, recreational areas, parks, marinas and beaches, as well as hotels and more than 8,000 new homes.

The Foundation for Economic and Industrial Research completed a report that estimated the overall impact of the project on the battered Greek economy will be huge, contributing 2.4 per cent to GDP growth and almost 7.5 billion in tax revenues over the next 25 years. Additionally, the project will provide 21,000 jobs.

The project will be managed by Lamda Development, a Greek company operated by the Latsis family. The investment group includes the Chinese conglomerate Fosun, Abu Dhabi-based Eagle Hills and the Latsis Group.

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