For years, an €8 billion (US$8.75 billion) integrated resort development planned for an abandoned airport near Athens has been stalled. Now there’s some movement at the site. According to Greece’s National Herald, the “notoriously picky” Central Archaeological Council (KAS) has given approval to demolish old buildings on the site.
The project was in suspended animation throughout the 4.5-year rule of the anti-business Radical Left Syriza Party, but the New Democracy government of Prime Minister Kyriakos Mitsotakis has a different approach, and welcomes international investors for the project.
Despite the interruptions caused by the Covid-19 pandemic, Development and Investments Minister Adonis Georgiadis recently told state broadcaster ERT that the development is still in the pipeline.
In January, after a long-fought bidding war, Mohegan Gaming & Entertainment (MGE) appeared to have won the right to build and operate an IR at the 200-hectare (495-acre) site, formerly Hellinikon International Airport. Its local partner in the project is Greek construction company Gek Terna. But there are still some steps to take before MGE will actually be awarded the license.
Redevelopment of the property has been stalled since the airport shut down in 2001. The site is now weed-choked and decrepit, but enviably located on the blue waters of the Athenian Riviera. According to the website of Lambda Development, a key part of the total complex, the Hellinikon Urban Development Project will create “a world-class Metropolitan Park covering an area of 2,000,000 square meters (almost 500 acres)” that will “combine the area’s natural beauty and unique inherent characteristics with landmark buildings and state-of-the-art infrastructure.”
The investment will include residential communities, hotels, shopping centers, family entertainment venues, museums and cultural venues, health and wellness centers, significant space for sports and recreation, a modern business park and a total regeneration of the existing marina.
It’s expected to create 10,000 permanent jobs during the construction period and 75,000 jobs at maturity.
In the final round of bidding, the Hellenic Gaming Commission (HGC) eliminated Hard Rock International, which is owned by the Seminole tribe of Florida, because it reportedly failed to include financing details in its proposal. Hard Rock had 10 days to contest the decision and has promised to do so.
In a news release distributed last October, when MGE first shared renderings of the dramatic, twin-towered resort, it said Inspire’s “state-of-the-art meeting facilities… will reposition Athens as the preferred MICE destination.” The resort will offer “a multi-purpose indoor event space, and sprawling resort pools, marrying world-class luxury hospitality and ceaseless entertainment in a way that’s never before been seen in the south of Europe.
“Much of the resort was designed to capitalize on the Greek affinity for the outdoors where virtually all the resort’s restaurants, bars, lounges, and nightclubs offer both indoor and outdoor experiences,” the release continued. “The collection of food, beverage and retail outlets includes internationally-recognized brands as well as domestic favorites that accentuate traditional Greek dining, drinking, and shopping. Inspire Athens intends to be southern Europe’s center for A-list music concerts, theatrical performances, major sporting events, and other arts and cultural activities on a weekly basis.”
