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alternative Assets News: Greek Real Estate Intelligence

Lamda Development kicked off the emblematic Ellinikon project
Lamda Development paid its first down payment for the project late June, kicking off the investment in Greece’s biggest urban redevelopment plan after years of delays due to bureaucratic obstacles and opposition to the project. The Greek state was the beneficiary of the downpayment, which will go toward the purchase price of €8 bn for the redevelopment of the area stretching along the scenic Athenian Riviera. The area will soon be home to new hotels, shopping malls, office space, homes and other features after the land lay fallow for almost twenty years or was abandoned after the Olympics were over in the Summer of 2004. There is already a huge amount of global interest for the 200 apartments in the Marina Tower, the “tallest building in Greece”, that will be built within the next 5 years in Elliniko, according to the management of Lamda Development. Ellinikon is being developed to transform the old airport into a series of neighbourhoods arranged around a 200-hectare coastal park. This will be the "largest coastal park in Europe" and "increase the allocation of open space per Athenian resident by 44 per cent". Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis