€320 Million AENAON Metropolitan Park in Faliro Clears Final Legal Hurdle

The way is now open for the signing of the contract for the major project to create the AEΝAON Metropolitan Park in Faliro, as according to reports, the appeal filed by AKTOR before the Council of State has been rejected. With this decision, the Region of Attica can now proceed with submitting the contract for approval to the Court of Audit, paving the way for the signing ceremony that will officially launch the landmark project.

The project, titled “Creation of an Urban Metropolitan Park in the Faliro Bay Area,” constitutes the second phase of interventions in the area. The first phase began in 2017 and was completed in 2022, mainly including flood protection and major road infrastructure works.

The TERNA–METKA consortium has been appointed as the contractor. The project will be implemented under the design-and-build model, while the final studies are expected to be completed upon contract signing, marking the beginning of construction works. The contracting authority is the Region of Attica. The estimated project value, including VAT, amounts to €320 million (€258.06 million excluding VAT).

The project concerns a 741-hectare site, set to become the largest continuous green and public space waterfront in Attica, designed to remain open and accessible to all, without exclusionary practices. Around 75% of the total area will be covered with more than 4,000 trees and over 210,000 plants, while the park will also include green routes and recreation zones for walking, cycling and sports activities, spaces for mild cultural events, as well as areas dedicated to environmental initiatives and participatory activities.

The contract award criterion is the most economically advantageous offer based solely on price (lowest bid), combined with the evaluation of the submitted study proposal.

The project duration has been estimated at 36 months from the signing of the relevant contract. Provided that no delays occur during implementation, the new image of the Faliro Bay waterfront is expected to be completed by the end of 2029.

To encourage faster delivery compared to the contractual deadline, the contractor will be eligible for an additional bonus payment equal to 1% of the initial contract value, excluding VAT, provided that the project is delivered at least 10% earlier than the timeframe stipulated in the contract.

Subproject 3, titled “Creation of an Urban Metropolitan Park in the Faliro Bay Area,” has been included in the “Environment, Climate Change and Civil Protection 2021–2027” Operational Programme under the Cohesion Fund. A positive opinion — or presumed positive opinion — from the Managing Authority for Environment, Climate Change & Civil Protection regarding the contract award procedure is a prerequisite for the project’s financing.

The contract is co-financed by the Cohesion Fund (85%) and national resources. For the current procedure, an inclusion decision and budget commitment approval amounting to €353.76 million has already been issued by the Alternate Minister of National Economy and Finance.

The scope of the project

The scope of the tendered contract concerns the design, construction and operation of the project titled “Creation of an Urban Metropolitan Park in the Faliro Bay Area”.

The project αφορά a site of more than 741 hectares next to the sea, which is being transformed into a major green, recreation and cultural hub.

It is envisioned as a landmark park project that will combine ecology, culture and social cohesion, substantially contributing to the improvement of citizens’ quality of life and strengthening Attica’s profile as a modern and sustainable metropolitan center.

Designed with sustainability, high aesthetic standards and inclusivity in mind, the “AEΝAON” Metropolitan Park is expected to fully upgrade the coastal front of the Athenian Riviera. The park will be open and freely accessible to the public, with greenery covering approximately 75% of its total area.

More specifically, over 4,000 trees and more than 185,000 shrubs will be planted across an area of 343 hectares, while the remaining 25% of the park will accommodate mild cultural and sports activities, social events, cycling paths, multi-purpose sports facilities and educational activities for children. The plan also provides for the development of limited low-impact commercial uses.

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