After years of delays, the project at Hellinikon has reached the starting point, as next Friday, June 25, the transfer contract is to be signed between Lamda Development group and the state company that owns the emblematic property, after all appeals against the project submitted to the Council of State have been rejected.
The strong demand for housing seems to have partially changed Lamda’s plans for the first five years of the project, with the listed company preparing a barrage of announcements regarding the construction of infrastructure projects and other facilities. The announcements are expected within 3-4 weeks after the signing of the final transfer agreement with Hellenic SA that is scheduled for next Friday.
The management of Lamda announced yesterday that the first two presentations will take place in the first 15 days of July and will concern the architectural plans of the first residential tower in Greece and the development of the coastal front.
Lamda's plans had been presented in detail to investors and banks ahead of its share capital hike and financing agreements. Since then, there have been some small differences, while yesterday company officials expressed optimism that the outstanding issues affecting the casino (Integrated Resort Casino - IRC) will be settle no later than the beginning of October.
The Hellinikon Office, a service that was recently transferred to the Ministry of Environment and Energy, will play a crucial role in the implementation of the project. The Hellinikon Office must, however, be staffed as it currently employs only 8 employees. That is why about 50 employees are expected to be hired.
It is certain, however, that discussions with several construction groups or other companies that will participate in projects or developments within the former airport and the coastal zone of Agios Kosmas have already been completed or are in the final stage.
Based on the original plan from Lamda Development, the cost for the first phase of the investment reaches 2 billion euros. It is envisaged that the infrastructure projects (water supply, sewerage networks, roads, etc.), the renovation of the beach and part of the Metropolitan Park, the IRC, the Residence Tower, the shopping centers on Vouliagmenis Avenue and the seaside villas, the aquarium and the luxury hotel at the marina will be completed over a five year period.
58% of the project’s income will come from the homes, 8 percent from shopping malls, 6 percent from hotels and 28 percent from other activities. For the first phase, the respective percentages are set at 43 percent for the homes, 35 percent for the two shopping centers with a total area of 100,000 square meters, 10 percent from the IRC and so on. In the first five years, it was estimated that a total of 800 houses will be built.
Construction of the infrastructure works will start immediately, along with the underground pass of Poseidonos Avenue, the first part of the Metropolitan Park and the primary road network, etc.
The landscape regarding the casino’s tourist complex that is main source of income from the investment is expected to clear up in coming months. The granting of the casino license, as announced yesterday by Lamda Development, is no longer a deferral condition for the start of the project, as the company and the HRADF " agreed, based on specific terms and conditions, their waiver from the fulfillment of the deferral condition for the casino license."
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