BUSINESS

Viohalco development at Elaionas

The Viohalco project will be developed next to the River West mall in western Athens.

TAGS: Business, Property

The government has approved a project planned by listed group Viohalco for the creation of a cluster for culture, recreation and accommodation on a plot of 65,000-70,000 square meters at Elaionas, west of central Athens. It forms part of a set of four investment projects that a committee of ministers approved this week, adding up to some 800 million euros.

The project, which is budgeted at 117 million euros, will further strengthen Viohalco’s involvement in the property sector.

Sources say that Viohalco is initially preparing to create a recreational park with green spaces, which will take up more than half of the plot. It is also planning for the construction of buildings totaling 40,000-50,00 sq.m.; a significant share of that will concern cultural and educational spaces, as a museum and an institute for technological research will be created.

Furthermore, the project also foresees the creation of hotels, an office building and stores to serve the needs of the park’s visitors.

The other three projects approved concern a 303-million-euro tourism development on Crete by Cyprus’ Leptos Group, a wind and solar power project with 16 parks budgeted by Notias-East PV & Co at 172 million, and a 214-million-euro project for 12 photovoltaic units by Consortium Solar Power Systems Ltd.

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