ECONOMY

A model Olympic village

Greece’s biggest ever private housing development is nearing completion in the vicinity of the Athens Olympic Stadium, presented by the developers yesterday as a pioneering oasis in the congested conurbation. Ilida, named after the valley in the western Peloponnese where the Olympic Games were held in antiquity, is a 400-million-euro project on a 20-hectare area – including a 6-hectare park – and will host 1,600 media workers during the Summer Olympics. One of the only two Olympic projects entirely developed with private funds, it is being built by real estate firm Lamda Development of the Latsis group, and is due for delivery in April. It comprises 225 apartments of various sizes and the built-up area represents around 25 percent of the total. Ilida is divided into five pedestrianized neighborhoods of four to five three-story blocks each of bioclimatic design and with parking facilities reached by underground passes. The apartments will be further developed before they are turned over to private owners after the Games, but they are available for purchase now. The Maroussi municipality, where Ilida is located, has a 5 percent share in the project. Maroussi Mayor Panayiotis Tzanikos said Ilida was conceived as a scheme to control the development of the urban environment in the area and that its beneficial effects are already spreading beyond its bounds.