Three hotels, 8000 homes, a casino, a 310-berth marina, three shopping centres, parkland and a “modern monument” are all planned for the largest development in Greek history.
The Ellinikon is being touted as “Europe’s first smart-city” and representing a new chapter for Athens through the urban regeneration of the airport and coastline.
The 6.2-million-square-metre mega-project is predicted to attract a million tourists per year and generate €14 billion in incremental state revenues.
LAMDA Development SA is behind the project and paid €300 million to the Greek state plus submitted a letter of guarantee of €347 million for the site in 2021.
The developer is expecting to take five years to complete the first phase of the project “either on its own or through partnerships-joint ventures with third-party investors”.
TEMES Group has signed on for the joint development of two of the luxury hotels and residential buildings, while Brook Lane Capital has a framework agreement to develop a mixed-use tower in the commercial hub of the precinct.
The majority stake of LAMDA Development is held by the Latsis Group.
The Ellinikon would contribute about 2.5 per cent of Greece’s GDP and is in the Athenian Riviera, south-east of the city, between the Aegean Sea and Mount Hymettus.
It would also provide the “world’s largest” coastal park and athletic precinct, spanning two million square metres with 50km of walkways and cycling paths.
Among the amenities planned for the city that hosted the first modern Olympics are 20 tennis courts, six training halls, three Olympic pools, six soccer pitches, six track and field venues, a rehabilitation facility and a variety of indoor courts.
An airplane hangar would be transformed into a cultural centre spanning 4800sq m and to be designated as a modern Monument by the Greek Ministry of Culture.
The tech-powered, 15-minute smart city would also be a sustainable region, doubling Athen’s greenspace per capita.
Also planned are advanced anti-flooding measures and an underground wastewater treatment facility to combat future climate conditions.
Architecture firms Kengo Kuma and Associates, Foster and Partners, Aedas, Sasaki and Doxiadis Associates have signed on to the project.
Other international companies involved include AFRY, smart solutions; ARUP and Buro Happold, engineering; Hard Rock, hospitality; Hills International, consulting; Intrakat and Bouygues, and joint-venture construction management; as well as Jacobs Engineering Group and Mace Group.