Gov't signs decree opening way to development of Hellinikon

The presidential decree giving the go-ahead to the development of Hellinikon south of Athens was signed by the relevant ministers on Friday, in the presence of Prime Minister Alexis Tsipras.
The decree will need to be reviewed by the Council of State "within 2017, exactly as foreseen in our original plan," Tsipras said in a tweet announcing the signing.
"Today we won a first great bet of speed and efficacy," Tsipras also said in his message on Twitter. "We overcame difficult obstacles and are moving on. Works will begin by summer and by the end of 2018 we they will be in full development. An emblematic investment begins, and it will not be the only one," he added.
Minister of State Alekos Flabouraris said the degree was the most significant step towards implementing the investment at Hellinikon and said "the issue is now with the Council of State".
The ministers signing the decree included Environment and Energy (George Stathakis), Culture and Sports (Lydia Koniordou), Alternate Environment and Energy (Socrates Famellos) and Deputy Finance (Katerina Papanatsiou).
The Hellinikon is a project by Hellinikon Global SA and Lamda Development, which submitted their the Integrated Development Plan (IDP) of the Hellinikon - Agios Kosmas Metropolitan Pole plan to the Hellenic Republic Asset Development Fund (HRADF) in June 2017.
The decree opening the way for the development was expected in November, but questions arose over the area that included antiquities and the classification of a section of the area as forest, leading to delays until a formal archaeological report could be issued.
In October this year, Lamda said the archaeological findings had already been taken into consideration in the plans and provisioned by the relevant legislation and the MoU signed with the ministry of Culture.
In November, and despite the government's assurances that the project would go through, the development company issued a statement charging that "continuous overturning of the agreed and ratified by the Parliament framework or the continuous rise of new barriers creates a climate of endless and incomplete negotiation, violates the necessary climate of trust and raises multiple and legitimate questions about several issues."
On December 7, Infrastructure and Transport Minister Christos Spirtzis told Parliament the Greek authorities would formally deliver the Hellinikon site to the investors in June 2018, and he blamed the investors for delays due to the relocation of the road transport department?s depot.
The 8-billion-euro 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. It will also include a modern business park and will regenerate the entire coastal front, according to Lamda.
It is also expected to create 10,000 permanent jobs during the construction period and 75,000 jobs during its maturity.
The investing consortium - Global Investment Group - includes the Chinese conglomerate Fosun Group, Eagle Hills from Abu Dhabi and Latsis Group. The project is Europe?s largest urban mixed-use development project.