8-billion euro redevelopment of Hellenikon stalls

The old Hellenikon airport complex is about to undergo an 8 billion euro redevelopment, which will transform it into a metropolitan park complete with luxury hotels, theme parks, museums, malls, cultural venues, health centers, educational and research facilities.

Meanwhile, the company in charge of the works, Lamda Development said this week that it was ready to proceed with the next phase but it is waiting on further government approvals after making all the relevant submissions.

According to sources, the project has been running into one hurdle after another since winning the tender process, the latest being a forest which may create problems for the mega-investment.

“The company took part in an international competition by submitting a specific business plan and master plan,” which lays out all the construction issues as well as details of the investment, said Alexander Kokkidis, treasurer and IR at Lamda Development during a speech to institutional investors.

The said project is expected to attract over 1 million tourists annually.

Meanwhile, Lamda Development’s new subsidiary, Lamda Malls, will initially include the group’s shopping centers: the Golden Hall and The Mall Athens in Maroussi and the Mediterranean Cosmos in Thessaloniki.