The investor who secures the lease of Athens?s old airport at Elliniko will be able to build on 40 percent of the massive coastal site, according to a draft law presented by the Cabinet on Thursday.
Athens has been trying to find someone to invest in Elliniko for the last two years, to no avail, despite the fact that it is considered one of the most prime pieces of real estate Greece has to offer. In a bid to attract investment, the government is now offering any bidders the possibility of constructing buildings totaling up to 3.7 million square meters, although only one of these can be a high-rise. The site covers 620 hectares.
The draft law also allows the mixed use of the land, which means that apart from housing, areas will also be allocated for entertainment and business. The only stipulation is that 2,000 square meters should be set aside for the creation of a metropolitan park.