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The new stadium of Panathinaikos: To be auctioned in 2021, completed in 2023
The new stadium of Panathinaikos football team in the area of Votanikos will be auctioned in 2021, while the construction is set to be completed by 2023.
Reportedly, the final negotiations are taking place under secrecy. There are many parties involved and, after several months of negotiations, they have agreed on the basic aspects of the project. The agreement will be concluded with the signing of two memoranda of understanding between the key stakeholders.
The three projects in detail:
1) The infrastructure includes road construction, networks and the arrangement of a stream. The cost for these is estimated at €25 m and is likely to be financed by the public investment program and the NSRF (National Strategic Reference Framework).
2) The stadium: The cost will depend on the specifications, but is estimated at around €70 m for a 33,000-40,000 seat stadium. The construction cost is proposed to be based on resources of the Recovery Fund, with the participation from the investment. Apart from the stadium, at the area under development, there will be other sports facilities of 7,500 sqm and 4,500 sqm, which will be constructed by the owners of the shopping mall Vovos.
3) The basketball court: It will not be part of the new development. The possibility of constructing it within the football stadium facilities was ruled out, as this could provoke more red tape. The Municipality of Athens decided to build it with self-financing on a plot next to the renovation site. The construction will cost about €20 m and the municipality’s goal is to be multifunctional, so that it can generate other revenues.
Reportedly the stadium will belong to the Municipality and will be leased to Panathinaikos for a long time, but since Panathinaikos is giving up its property at Leoforos, there are discussions for a solution that will make everyone happy.
If everything goes according to plan, the first projects can be auctioned in 2021, with the aim of completing the entire project in 2023 (after all, this is one of the terms of the Recovery Fund).
Original Source: sdna.gr
Adaptation/Summary: Kiki Athanasiadis