NEWS

A massive new investment to revive Drapetsona

An area of 64 hectares around the old fertilizer factory in Drapetsona is to become a residential neighborhood. The seafront is to be transformed by a major private investment project that includes the provision of residential areas, a business center with a direct link to Piraeus and shipping, as well as areas for recreation and tourism, with stores, museums and restaurants. The project will re-establish the connection of Keratsini and Drapetsona with the sea. About 9 hectares along the seafront will be spruced up and opened to the public, with about half that area devoted to public spaces. Budgeted at 430 million euros for the buildings and 137 million for the infrastructure and public spaces, the project will take a decade to implement. The plan was drawn up on behalf of the principal owner, Protypo Ktimatiki Touristiki SA, a subsidiary of the National Bank of Greece, and is currently under discussion with the remaining owners, AGET, BP Hellas and the state (which owns the seafront). The Athens Town-Planning Organization has yet to clarify the town-planning status of the area. Meanwhile, a specialist company has cleaned up the area. If the project goes ahead, it will be one of the largest interventions of its type, starting from scratch, in the urban fabric of the capital. Experts say the success of the project will determine the dynamics of similar endeavors along the shore from the port of Piraeus to Perama. In all likelihood, this investment will pave the way for the run-down seaside municipalities of Piraeus, one by one, to restore their seafront areas.