ECONOMY

Flisvos marina scheduled to open for yachts in June

The fully renovated marina at Flisvos, southern Athens, will open in mid-June following five years of works, negotiations, arbitrations and other delays. The investment for the development and operation of all the marina infrastructure has reached 45 million euros. It has been realized by LAMDA TechnOL Flisvos Marina, in which Lamda Development, the state Tourism Development Company (ETA) and Technical Olympic participate. The installations are to be operated on the basis of a 40-year concession. The development consortium intends to turn Flisvos into a leading marina in the Mediterranean, capitalizing on its considerable depth and a mooring capacity for large yachts of over 30 meters. It has 2,500 mooring berths, half of which can accommodate large vessels. In addition to a range of support services for yachts, the Flisvos marina will also have catering and recreation facilities as well as an area of 3,800 square meters for commercial use. The newly constructed buildings will host 36 stores, restaurants and coffee bars. Up to 90 percent of the commercial space has already been leased. LAMDA TechnOL estimates that the marina will generate revenues of 8 million euros in the first year of operation, while the annual leasing paid to ETA will total 6 million euros. For this reason the operator does not expect any profits from the Flisvos marina for at least the first three years of operation. Lamda Development CEO Apostolos Tamvakakis expressed particular satisfaction yesterday at the completion of the works to upgrade the marina, stressing that Attica had gained one more attraction for regular visitors of high standards. At the same time, however, he voiced disappointment over the considerable delay, saying «this is not such a big project to take five whole years of hard work.» ETA President Emmanouil Kondylis stated that the marinas of Zea, Flisvos and Faliron represented the first efforts by ETA to enter into partnerships with private investors.