Greece Approves Old Athens Airport Redevelopment

Greece has approved the lease of disused Athens Hellenikon airport to a consortium led by Lamda Development.

Lamda will turn the abandoned site into a seaside town of hotels, residences and shops, after the 99-year lease was approved by the Greek Parliament.

Previous efforts to turn the 620-hectare (1,530 acre) site into a profitable venture have all failed.

Lamda, backed by China’s Fosun, Abu Dhabi-based Eagle Hills and others, intends to spend EUR€5.5 billion on hotels, shops, a 494-acre park and 8,000 homes.

The consortium will also invest about EUR€1.5 billion on roads and other infrastructure as part of the EUR€7 billion (USD$7.87 billion) development.

The project will be one of Greece's biggest private investments.

Hellenikon used to be Athens only airport, but it was closed in 2001 after Eleftherios Venizelos airport was built for the 2004 Olympic Games.