Athens: Encouraging steps towards the initiation of Hellinikon Project

Procedures for the implementation of Hellinikon project have entered a very promising phase as 2 steps towards the long-desired initiation of the construction works have been taken recently. The first one is the publication of “Decision No 64” in the State Paper on May, 26^th 2017 regarding the approval of the “Memorandum of Cooperation between the Ministry of Culture and Sports and  Hellinikon SA”.

This decision regulates the issues concerning potential archaeological surveys or findings as it specifies in detail all relevant works. During the construction works, there will be a supervision by the Ministry, and in the case of ancient findings’ emergence, a team will be deployed working on very specific schedules in order to complete the on-site surveys and allow the project to proceed smoothly and on time. Similar “deals” have been made again in the recent past also in the cases of Stavros Niarchos Cultural Center and the central building of the National Bank of Greece in Athens city center.

The second step, according to safe information provided at Ypodomes.com, concerns the deal reached between HRADF-Hellinikon SA-Lamda Development and the blessings of the Institutions (i.e. the country’s creditors) for the forestry. The decision derived from the objection submitted regarding the issue of the woodlands’ existence and treatment in the area, is considered by all involved parties to remedy the problem adequately, at least for the time being.

With these pending issues addressed, Lamda Development is going to proceed in covering other remaining prerequisites that will be eventually submitted in Hellinikon SA and then become available for a month’s public consultation. If everything goes as planned, the Gov’t and a Presidential Decree will authorize the purchase of 100% of Hellinikon SA’s shares package to Lamda Development.

Nevertheless, another 2 important factors for the procedure’s completion would be the submission and approval of the Strategic Study for the project’s environmental licensing as well as the license for the operation of a casino in Hellinikon’s touristic zone.

It is our cautious estimate that all aforementioned, pending issues will have been sorted till the end of the year, allowing the initiation of the 8bn-euro investment, shortly after. It is reminded that continuous and never-ending impediments regarding the investment all the previous years, have led the investor to keep a low profile, waiting for the moves of the Gov’t and other involved bodies.

Nikos Karagiannis-ypodomes.com

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