KAS declares part of Elliniko site of archaeological interest

TAGS: Archaeology, Environment, Business

Greece’s top advisory body on the protection of antiquities, the Central Archaeological Council (KAS), has ruled that more than 30 hectares of Elliniko, the site of a planned real estate investment in southern Athens, is of archaeological interest.

It was not clear to what extent the decision of the council, which met Tuesday for a fourth time in just over a month, will impact on plans to develop the site, the capital’s former international airport.

Tuesday’s ruling requires government ratification.

Greek developer Lamda signed a 99-year lease with the state in 2014 for the 620-hectare plot. Backed by Chinese and Gulf investors, Lamda submitted an 8 billion euro plan in July to turn the site into one of Europe’s biggest coastal resorts.

“It is certainly a bad decision; we just have to wait and see how bad it is,” a source close to the investors told Kathimerini.