The HELLINIKON Project - A new era for Greece (VIDEO)

Lamda Development presented detailed plans for the development of the site of the former airport at Elliniko, during a press conference held in Athens. According to Lamda Development CEO Odisseas Athanassiou, the company was ready to begin the works on the site immediately but the project had to first be approved by the Court of Audit. He estimated that work would most likely begin in 2016, right away generating roughly 10,000 jobs, while the number of jobs created during the construction phase would exceed more than 30,000 and the permanent jobs upon its completion were estimated at almost 50,000.

He appeared confident that the project, the contract for which must also be ratified by Parliament, would not be jeopardised by any political change since it was "for the benefit of the country, the environment and local communities".

Presenting the company's plans, Athanassiou said the central idea of the investment was to create and maintain a metropolitan park of 2.0 million square metres - larger than Hyde Park in London - that would be open to the public, while also redeveloping the seafront, again with free access to the public.

This seafront redevelopment is expected to include the creation of a sandy beach over one kilometre long at Agios Kosmas, a new marina for yachts, an international-standard aquarium and other recreational activities.

It also envisages the building of two hotels of about 270 beds and a shopping mall, sports facilities at the naval club and housing developments - including a high-end 'landmark' architectural building for luxury apartments but also detached houses and apartments.

The metropolitan park is going to have multiple entrances from surrounding municipalities, retain and highlight the "historic" buildings of the former airport, Olympic Games facilities and buildings such as the exhibition centre and national aviation museum, while converting the former runways to paths for walking and recreation. The greenspaces are set to feature vegetation typical of the Attic landscape, which is expected to improve the area's microclimate and local quality of life.

Other planned uses include educational institutes, campuses for housing students, international health and research institutes and a model business park that is planned to be Attica's largest commercial centre, with hypermarkets, large hotels, conference facilities and even a new golf course.

Lamda Development also presented detailed assessments on how the completed project is expected to improve quality of life in Attica and in surrounding areas in a number of ways, promising to implement principles of sustainable development and environmental certification standards in all facilities and works carried out.

It described the project as a "model" urban development with a low construction coefficient of just 0.5 pct.

In terms of tourism, and once the development plans follow through, Greece will be the only European country with this kind of resort in the heart of its capital.

According Athanassiou, with the completion of this investment, Athens will attract one additional million of tourists, which is a 50 percent rise compared to current data, as it will create more than 2,500 hotel beds, as well as marinas and sports facilities.

Russel Kett, on behalf of HVS, a company active in hotel advisory services, pointed out that the project will contribute to the extension of the tourist season in Athens as he expects a significant rise in nights and incoming tourist flows. He also estimated that more airliners will come to the Athens Airport to cover the increased demand.