Lamda Development Describes Old Airport's Resort Plans

July 15, 2014
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Lamda Development is set to create a "world-class resort" at the old Athens airport, that may generate approximately $5.4 billion dollars to the nation's economy, as reported by fin24.

Lamda Development CEO Odisseas Athanassiou stated last month at a press conference: "Athens will become the first European capital with its own resort". He added that the project will turn into "something like four billion euros incremental (to Greek) GDP". Lamda Development is owned by the affluent Latsis family.

The former Hellinikon airport covers almost 620 hectares and encompasses approximately 3.5 kilometers of coastlines. Along with China's Fosun Group and Abu-Dhabi's Al Maaber, Lamda finalized a 99-year lease for the property that cost 915 million euros.

The leading corporations have promised to invest within the next 15 years, 5.9 billion euros to establish hotels, parks, and performance amenities within the plot. Its mission it to bring one-million tourists to the resort each year. Athanassiou added, "We had hoped to start this year, but I think it's more likely in 2016". Greece has two years to finalize the land permit scheme; if it doesn't the investors can exit the plan.

(Source: http://www.fin24.com)

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