The “new face” of the Ellinikon costal area has been unveiled through the detailed plans recently presented by Lamda Development, the company that acquired the land of the old Athens airport and undertook the ambitious remake project. The project involves the creation of an enormous park, 15 times bigger than the National Garden as well as the building of two hotels of about 2,500 beds, a shopping mall, sports facilities at the naval club, and housing developments, including a “landmark” architectural building of luxury apartments and detached villas. Lamda Development and the two foreign associate companies, “Fosun” from China and “Al Maabar” from Abu Dhabi, have estimated the invested amount during the first three years of the project’s construction to reach 3 billion euros. Seventy percent will come from investors’ capital and the remaining 30% from bank loans.

This investment will create more than 50,000 job openings, while maintenance costs are estimated at about 10 to 12 million euros per year.