By Ms Teti Igoumenidi 

 

 

A new Metropolitan Park and Prototype City is building in the area of the former international airport of Athens, in Ellinikon, the coastal front of Greek capital.

 

The official inauguration was held on October 17th by Greek prime minister Kyriakos Mitsotakis, starting the reconstruction of the former airport –an area of 6,200-acres.

 

With the completion of the project, a total investment of 8 billion euros, it is expected to contribute 2.5% to the GDP, will generate tax revenues of 14 billion and create around 75,000 new jobs. In its full development it is estimated that it will attract about 1 million tourists in addition to those visiting Attica with what this means for the entire region.

 

A year and a half ago, Ellinikon has been transferred to Lamda Development company to create investments in the area of the former airport. Lamda has announced a Memorandum of Cooperation (MoU) with Eurobank. The Bank will purchase a plot of land (area approximately 18 thousand square meters), within the Business Center of Vouliagmeni Avenue, within which a high-rise building with a total area of 40,000 square meters will be developed, in order to move the bank's offices there. The total investment is estimated at 140 million euros. The Ellinikon Masterplan seeks to create a new vision for the future of Mediterranean coastal development in Greece. It takes a restorative approach to the management and design of existing natural and built resources to breathe life into the Athenian coastline. It establishes a new paradigm for integrated and sustainable living, transforming the site of a former airport into a vibrant district. It will feature several diverse neighbourhoods that bring together residential, shopping, working, leisure, entertainment and cultural activities around the largest coastal park in Europe.

 

Athenian Riviera

 

The site lies close to the heart of the capital, on the Athenian Riviera and is serviced by metro and tram lines. The restorative approach of the masterplan builds on the history of the site and enables the repurposing of existing infrastructure. It seeks to transform the site into a polycentric district of several walkable and mixed-use neighbourhoods that benefit from their proximity to the Aegean Sea and the large metropolitan park. Each neighbourhood is self-sustaining and integrated with the urban fabric via a series of green pedestrian connections. A smooth transition in building form and height allows for compatibility with the existing vernacular. Almost 50% of the area of each neighbourhood will be given back to local communities as social infrastructure and welfare or cultural facilities, paving the way for commercial development with unprecedented social and cultural value. The design introduces a new standard of sustainable living, integrated with nature. The metropolitan park will increase the allocation of open space per Athenian resident by 44%, playing an integral role in the greening the city. The design is optimised in terms of views and orientation, transport links, environmental and social impact, and integration with local communities. The masterplan also seeks to reconnect the city with the sea by creating subterranean connections tunnelling under the main avenue that currently traverses the site. The masterplan is enabled for smart applications, aiming at delivering an innovative and future-proof framework for the future growth of Athens.

 

In the new Metropolitan park, a Tourist Complex with casino (IRC) investment will create, totaling 1 billion euros (150 million the price that the public will collect for the casino license, around 600 million the construction cost, with the remaining amount for the necessary equipment, financial costs and other expenses).The implementation of the IRC, according to what its creators, the joint venture of GEK Terna - Hard Rock, will begin in the first months of 2023 with the start of operation of the Hard Rock Hotel & Casino Athens to be placed in 2026.

 

One of the 6 landmark towers to be built in Ellinikon will be within the Commercial Hub in the area of Vouliagmeni Avenue and is the subject of an agreement between Lamda and Brook Lane Capital (an investment capital based in London) investment totaling 200 million euros. Situated at the heart of the masterplan site, Marina Tower embodies its core principles to create a sustainable exemplar for contemporary living. The design draws inspiration from the ecological and cultural elements of the Mediterranean landscape and from Athens’ vernacular architecture to create an innovative design approach. The tower’s massing has been designed from the inside out to celebrate its unique location, immersed in nature. All apartments have dual aspect and enjoy unobstructed panoramic views of the coastline and incorporate naturally ventilated interiors. With Orilina Properties AEEAP, Lamda has agreed to acquire from the first the right of surface on parts of the Development Zone of the Coastal Front of Hellinikon. Orilina will develop a building of residences and other auxiliary facilities, that will include dining, recreation, wellness and event spaces, an investment of 70 million euros. The most recent agreement announced concerns the creation of a school complex for primary and secondary education. The relevant Memorandum of Cooperation provides for the long-term lease of land to Prodea AEEAP which will develop school facilities.