ECONOMY

Revamping the capital

Athens and its real estate market stand to gain considerably from city space revamping, the creation of green spaces and the upgrade of entire areas, an event held by the company Prodexpo in association with the British Embassy in Athens heard yesterday. The one-day event focused on the plans for the twin revamping at Votanikos and on Alexandras Avenue, the unification of the former horse-racing track with the Faliron coastal area, as well as the new situation in the local property market stemming from the use of Olympics installations. Athens Deputy Mayor Chronis Akritidis said the twin revamping will be a complex project due to the involvement of many parties, but also that this is one of the most important development efforts ever for the City of Athens. It will bring multiple benefits to Athens both in financial and in social terms. «The City of Athens increases its real estate by securing important properties with sports and commercial uses, while upgrading a run-down area in the heart of the capital with modern uses and infrastructures,» said Akritidis. «The Votanikos plan doesn’t end with the Panathinaikos sports ground,» said Theodoros Skylakakis, the head of Double Revamping SA, a joint venture by the City of Athens and National Bank of Greece. «The cost of the sports ground, the multipurpose municipal building, the underground parking and the 120,000-square-meter park is estimated at -146 million,» he said, with the total investment expected to reach -246 million. Referring to the revamping of the seafront and the works at the former horse-racing track, Kallithea Mayor Constantinos Askounis stressed that his municipality is reclaiming a seaside area with sports and cultural uses and many more green spaces. At the former racing track, the new National Opera House and the National Digital Library will be constructed, along with the creation of a park and public spaces to total -450 million. The Olympic tae kwon do installation at Faliron Bay will be turned into a conference venue, while the beach volleyball installation will become a cultural venue. There is also a provision for the creation of an ecological park of 120,000 sq.m.