Athens' Hellenikon airport, closed since a new one was built for the 2004 Olympics, will be redeveloped into a huge coastal resort area, three times the size of Monaco, if plans are approved.
Lamda Development, expects the €7 billion plan to turn the abandoned facilitiy into a seaside town of hotels, residences and shops to accommodate Greece's growing tourist trade. Despite recent financial difficulties, Greece has been getting more and more visitors, a record 23.5 million of them last year. In part, Greece owes the gain to fears of terrorism in North Africa vacation sites.
The plan calls for 8,000 homes at various price levels, hotels, a 494-acre park and other facilities. The government plans to relocate 3000 refugees who are presently housed there.
The investors include the Greek government, a Chinese conglomerate and an investment company headquartered in Abu Dhabi. Sponsors hope to start construction next year, with many buildings ready for 2020.