BUSINESS

Detailed plan of Elliniko plot development released

VANGELIS MANDRAVELIS

TAGS: Privatizations, Economy

The eagerly anticipated development project on the plot of the old Athens airport at Elliniko will unfold in four stages, according to the Integrated Utilization Plan published on Thursday, in the context of a supplementary environmental impact study.

The first stage, named Development Phase 1A, concerns the first five years of the project on Athens’s southern coast with an emphasis on the creation of infrastructures and tourism developments.

It provides for the transfer of the Aghios Cosmas sports facilities to the Elliniko metropolitan park, the renovation of the marina, the transformation of coastal Poseidonos Avenue into an underground highway, the beginning of planting part of the park, the full renovation of the old East Terminal’s building and of the Air Force facilities, and the creation of an aquarium on the seafront, along with multipurpose venue to host various events (sporting, cultural, etc.) at the park’s entrance.

The second stage, named Phase 1B, concerns years six through 10, with work focusing on tourism and entertainment projects, such as a five-star hotel with a casino and conference tourism facilities. Two four-star hotels are also being planned, alongside the completion of commercial developments to cover the trade and food service needs of the area’s visitors, including a mall. Housing developments are also on the cards and will also comprise a skyscraper in the area of the marina that will become Greece’s highest building. The development of the metropolitan park will also continue, to include two more units, the city plants and the sculpture park. By the end of this phase, the entire project will be 35 percent complete.

The third period, Phase 2, regards years 11 to 15 and will bring all developments to a 69 percent rate of completion. The projects planned concern supplementary developments of commercial activities (offices, administration, commercial stores, educational and research centers). A key development in this phase is the creation of medical tourism infrastructures, along with the completion of the metropolitan park. In quantity terms the most important element is the housing development.

The fourth and final stage, named Phase 3, refers to years 16-25 and mainly concerns housing.

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