4+1 new public restoration projects worth 3 bln euros in Athens

After the presentation of the program for the Recovery Fund, it is more than certain that the infrastructure sector is highly profitable. A large program that includes many different actions that if we categorize them we will see that comes a plethora of projects that will have to run simultaneously.

Highways may be in the limelight, but there are many other projects with a significant budget that come to frame this very ambitious design.

What can be understood is that the renovations are returning, especially in Athens. The issue of renovations in the capital is one of the most complex issues. We have seen plans many times, but few projects reach the field of implementation.

To date, 4 + 1 major renovation projects have taken the path of implementation, aiming to be completed by 2026. The cost of the 4 renovations in Faliro, Eleonas-Votanikos, Dafni, Tatoi reaches 570 million euros. At the gates of implementation is the great intervention in the field of Elliniko that has in its first phase includes investments amounting to 2.5 billion euros. In total, more than 3 billion euros will fall on the market for these interventions in five years and they are all ambitious.

Faliro

Today, a major reconstruction project is underway, the transformation of Faliriko Bay. It is an intervention that our planning goes back to the end of the 2000s and the start of the implementation started in 2017. Today the first phase project of 150 million euros, which concerns the infrastructure projects, is completed. The completion of the project passed to the Recovery Fund and concerns an amount of about 100 million euros that ensures the completion of a major renovation at the southern entrance of the city of Piraeus while forming a port for Athens through Syggrou Avenue.

A 240-acre coastal park will be created in Faliriko Bay, new underground parking lots, commercial uses, resulting in an area that had been largely abandoned in conjunction with the Stavros Niarchos Foundation Cultural Center, a lung of greenery, sports, and leisure. The projects will be executed by the Attica Region.

The Double Rennovation

A second major intervention is the Double Regeneration. The project, coming from the post-Olympic years, has resurfaced since last autumn. It concerns the demolition of the Panathinaikos stadium on Alexandras Avenue and the transformation of the space into a green oasis, the creation of a new stadium and the renovation of Eleonas with the creation of infrastructure.

Renovation and infrastructure creation projects amounting to approximately 175 million euros have been included in the Recovery Fund. The stadium will also be built but from another funding channel. The infrastructure projects will be executed by the Ministry of Infrastructure.

PYRKAL

A third major renovation concerns the day before yesterday the announcement of the Prime Minister, Kyriakos Mitsotakis for the government park in the facilities of PYRKAL in Dafni with a parallel renovation of the space and the creation of a park.

More specifically, the intervention according to the government’s plan will free public areas for the citizens, creating a park of 80 acres, something that has been a request of the residents for decades. It will also host the services of nine ministries and other organizations. The investment will be made through a PPP and is estimated to amount to 250 million euros.

Tatoi

The fourth renovation concerns the area of ​​the Royal Estates in Tatoi. This is an intervention that aims to renovate the 42 historic buildings and infrastructure of the estate and develop walking and cycling routes in the forest of Tatoi. The intervention will be made by the Ministry of Culture.

The final result will be the return of the renovated estate to the inhabitants of the basin for contact with nature and entertainment and the creation of a new attraction for inbound tourism in Attica. The cost of this action is estimated at 45 million euros and has been included in the Recovery Fund.

Hellinikon

Finally, the fifth and largest regeneration concerns the Hellinikon Project. The large investment of Lamda Development is combined with the largest urban renovation in the country and one of the largest in Europe. The first phase of the projects is estimated to start in 2021 and will last 5 years.

In addition to the large residential investments in the area of ​​Agios Kosmas, Alimos and Vouliagmeni Avenue, a large part of the Metropolitan Park will be developed, which in its full form will be the largest green lung in Athens. The amount of investments by 2026 will exceed 2.5 billion euros, an amount that includes the investment