ECONOMY

Neglected area of Piraeus eyes Formula 1 circuit

An old proposal for the creation of a racing circuit capable of hosting Formula 1 events is being revived, this time in the Drapetsona area of Piraeus, around a former fertilizer factory, which is considered to have many of the required characteristics to make such an investment viable.

The idea is being promoted by the Drapetsona municipal authority, which has already launched the required procedures for Dielpis Formula 1, as it has been officially named.

The project received official support a few weeks ago.

?At this critical juncture for the country, all venues and events that can promote Greece and attract international interest are welcome and have to be supported. The prospect of Formula 1 races in Drapetsona creates hopes of upgrading our tourism product through the promotion of the historic port of Piraeus and the redevelopment of the wider area. It will also contribute to the creation of jobs and will reposition the country on the international scene in a positive light,? Costas Tzavaras, alternate minister for education, culture and sports, said in a statement.

The plan for redeveloping the coastal zone which the local municipality is considering provides for the construction of a marina and the development of considerable infrastructure, such as hotels and malls, as well as green areas. Drapetsona-Keratsini Mayor Loukas Tzanis gave his blessing to the project right from the start, arguing the area has huge development potential.

As regards investment interest, there have already been expressions from Qatari business circles, and progress is reportedly being closely watched by the owner of Istanbul?s Formula 1 circuit, Mumtaz Tahincioglu, who heads a property development, energy and construction group.

The only minus is that a similar project is being promoted in the broader area of the city of Patra, in western Greece, which is at a more advanced planning stage.