BUSINESS

Elliniko residential areas to be split into neighborhoods

GIORGOS LIALIOS

TAGS: Privatizations, Business

The fourth and final ministerial decision regarding the seven “neighborhoods” of the Elliniko development has just been published in the Government Gazette, paving the way for the start of the project’s implementation. The decision offers a glimpse of what those seven neighborhoods will look like.

The seven residential areas will be located on the perimeter of the metropolitan park that is to be created, and the plan provides for their block details. The issue of the decision, which approved the relevant town planning studies, was delayed by about 10 days for a series of last-minute corrections.

The first neighborhood, on the northeast edge of the plot, is to be named after Olympic Airways and will feature buildings up to 50 meters in height.

The Western Neighborhood will be adjacent to a Civil Aviation Authority (CAA) building and the PPC Distribution Center, which will stay as they are. This second residential area will also be next to sports facilities.

The Eastern Neighborhood will be on the southwestern side of the Elliniko plot, where the main CAA building is located too. It will be near one of the major entrances to the plot that will lead to a large underground parking lot. It covers an area of 318,000 square meters, just over half of which will be used for common spaces.

The Vouliagmenis Avenue business center neighborhood, near Argyroupoli metro station, will include the tram depot. It will host commercial stores, offices and other businesses up to a maximum construction ceiling of 675,000 sq.m. A skyscraper (up to 200 meters) and a major mall may be built on the edge of this neighborhood.

The fifth neighborhood will be the one on the hill. It will be mainly residential, with a maximum built area of 162,800 sq.m.

The Trachones Neighborhood will be defined by the Trachones stream. It will consist of 11 blocks with a limit of 161,400 sq.m.

Undoubtedly the most popular neighborhood will be that next to Agios Kosmas beach, which is at the front of the Elliniko plot, covering 300,000 sq.m. It will have exclusively residential areas plus a skyscraper.

Meanwhile, the Hellenic Gaming Commission (EEEP) announced yesterday it has received two bids for the license to build and operate the casino that is necessary for the implementation of the Elliniko transaction. The bids came from Hard Rock International and from US casino operator Mohegan Gaming & Entertainment in cooperation with Athens-listed GEK Terna. The winner of the tender will be announced by the end of next month.

Lamda’s stock improved 1.35 percent in Friday’s trading, outperforming the local market.

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