Hurdles for Elliniko Project Continue: Piraeus Forestry Authority Declares 3.7-hectars Protected Woodland

Saturday, May 13th, 2017
Last Update: 18:18

On Thursday the Piraeus forestry authority declared 3.7-hectars of the old Elliniko airport plot as protected woodland that cannot be built on – throwing yet another setback in the construction at the Elliniko project.

In specific, builders are concerned with a plot that is 620 hectares because it is a piece of land crucial for the completion of the privatization projects plans to build holiday homes, a luxury hotel, casino and shops, according to ekthathimerini.com.

The consortium deal of Greek, Chinese and Arab investors which was sealed last year consists of investing a whopping 915 million euros into the Elliniko project. TAIPED and Elliniko AE are planning to file an appeal against the Piraeus forestry authority’s declaration regarding the piece of land due to fears that if the plot is deemed protected that the consortium, Lamda Development, will pull out of the deal.

Lamda Development says that the Elliniko project will create some 70,000 jobs and boost Greece’s GDP 2 percent with over 10 million euros in revenue over a 25-year period.

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