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Is the Hellinikon investment going down the Skouries path?

Featured Is the Hellinikon investment going down the Skouries path?

Only a few hours after the investor's move to freeze the Skouries project, and the investor in the Hellinikon Project, Lamda Development, in an official announcement sounded the alarm for the future of this emblematic investment, mentioned in the MoUs with the country's lenders.

The company's announcement states that the unconventional decision of the Ministry of Culture to declare more archaeological sites within the area of the project, besides those agreed upon, the restrictions imposed on the height of the buildings, again, the company claims outside the contractual terms, and a series of new sudden upheavals and inconsistencies "ruin the necessary climate of trust and create strong reflection on the feasibility of investing and multiple and reasonable questions ..."

Lamda's announcement states that the recent decisions of the Ministry of Culture to demarcate the archaeological site and impose sixteen (16) conditions for the approval of the Development Plan create "a climate of perpetual and incomplete negotiation, disturbs the necessary climate of trust and raises multiple and reasonable questions about many issues."

The  firm says that beyond the nine archaeological finds within the area that had been reported to potential investors in the framework of the international tender announced in 2011, more areas are now being arbitrarily thus branded, taking away more land from the original plan agreed upon.

The prospective developers also claim that original conditions under which a large number of high-rise buildings can be realized, without limitation to height are now being limted by a Ministerial Decision that sets as a condition the review of the height of the buildings, thereby altering the commitment of theterms. As they claim the planned high buildings are one of its most emblematic elements, aiming at strengthening Athens as a modern tourist destination.