Hellinikon project may start by Easter, says Lamda

Lamda Development, the company that is a leading the Hellinikon urban development, said that construction work on the eight billion euro project could start by Easter.

The project has suffered repeated delays for years due to red tape and resistance to the deal from the ruling Syriza party but several key obstacles have been overcome in recent months, indicating that the investment will soon get off the ground.

Lamda Development boss Odysseas Athanasiou, who up until recently avoided talking about a starting date, now appears more confident about when construction may begin. He told a conference in Athens on Wednesday that "there is no reason for the investment in Hellinikon not to start before Easter".

Among the major issues that need to be settled, he said, is the final approval of the planning by the Environment Ministry and the completion of the tender for the casino.

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The project, one of the largest urban development sites in Europe, is seen as being a game changer for the Greek economy which is showing sluggish growth after an eight year economic crisis.

Lamda is leading a consortium consisting of China’s Fosun group and Eagle Hills from the United Arab Emirates on the development that will transform the real estate market along the southern Athens area, known as the Athens Riviera, that includes the affluent suburbs of Glyfada and Voula.