ECONOMY

Niarchos Foundation funds plan to regenerate coast

The Stavros Niarchos Foundation (SNF) will fund a three million euro preliminary master plan for the regeneration of the Faliro bay area where it plans to build a cutural centre to accomodate Greece’s national opera and library.

The project, one the biggest to take place in Athens since the Olympic Games, is seen as providing a boost to the local real estate market, providing residents with cultural activities and park areas.

?The grant for the study was provided based on the importance of the area for the cultural centre,? it said in a statement, referring to the beach area jointly covered by Kallithea, Moschato and Paleo Faliro.

The SNF, a philanthropic organization which supports arts, education, health and social welfare projects, intends to build a 566 million euro cultural centre in Faliro, southern Athens.

The culture centre, scheduled for completion in 2015, will accommodate the National Library of Greece and the Greek National Opera and will be surrounded by 170,000 square metres of park area.

Final architectural studies are to be completed in coming months, SNF added on Wednesday.