Business boom in border city in northwest
The northeastern city of Alexandroupolis looks like becoming a business hub for the entire region of Thrace in coming years, thanks to important infrastructure works now under way. Most notably, this includes the wholesale distribution center in the city’s new port, which will be the third largest in Greece after Piraeus and Thessaloniki when its current redevelopment is completed. In the meantime, the segment of the Egnatia Highway across northern Greece, which already connects Alexandroupolis with Komotini in the west in 30 minutes, is one of the projects that are changing the face of the city. The wholesale distribution center is projected to attract about 300 firms from the Balkans, North Africa, the Middle East, Cyprus and Black Sea countries. Already, Cypriot investors have appeared through offshore companies, while there is also talk of strong interest by Turkish companies, as a result of both proximity and the recent thaw in the two countries’ relations. The planned upgrading of the city’s airport with the extension of the runway and the addition of cargo facilities is also projected to boost the city’s commercial activity. The arrival of foreign firms and the city’s planned new hospital, which will employ about 3,500 staff, are bound to increase demand for building space. A partnership between private companies and local authorities has already obtained a license for a housing complex on a 30-hectare plot near the designated area for the hospital. Alexandroupolis will also host the terminal of the oil pipeline from the Bulgarian port of Burgas on the Black Sea, the construction of which is expected to begin soon. Local estate agents say the pipeline company is now searching for premises. The Daskalantonakis group is investing 12 million euros in refurbishing and expanding the Hotel Egnatia, which it acquired recently. Luxury hotel Thrace Palace opened its doors recently on a 10-acre site by the city’s sea front. Estate agents say that due to high demand, a shortage of space has arisen in Dimokratias Avenue, the city’s main commercial district, and prices are rising steeply. Many newly arrived enterprises have had to seek premises in nearby streets where rents are lower. Among the firms seeking premises are large electric appliance retailers Kotsovolos and Radio Korasidis. The Bank of Cyprus and Egnatia Bank are said to be opening branches soon. The Daskalantonakis group is investing 12 million euros in refurbishing and expanding the Hotel Egnatia, which it acquired recently. Luxury hotel Thrace Palace opened its doors recently on a 10-acre site by the city’s sea front.
