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Mitsotakis attends Elliniko ceremony - Live Streaming

TAGS: Business, Property, Politics

Greek Prime Minister Kyriakos Mitsotakis was on Friday morning attending a ceremony to mark the beginning of work on the big investment project at Elliniko, the former site of the Athens airport in southern Athens, nine years after the country launched its first tender for the sale and long-term lease of the vast plot.

Lamda Development, which is undertaking the investment, plans to turn the seaside plot into a complex of luxury residences, hotels, a yachting marina and casino at a total cost of about 8 billion euros.

The first phase of the work will involve demolishing structures and buildings inside the old airport and is expected to last 3.5 years.

During this time, Lamda will build a casino, two hotels and several skyscrapers that will house offices.

The landmark project, part of a post-bailout agreement between Greece and its lenders, has been plagued by bureaucratic hurdles, legal wrangles and political resistance.

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