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$7.9B seaside resort project in Greece to break ground in 6 months

A consortium led by LAMDA Development SA is poised to break ground on a seaside resort at the former site of Athens' airport complex in the next six months following a bureaucratic-related delay, Reuters reported, citing Greece State Minister Alekos Flabouraris.

The consortium, comprising Abu Dhabi and Chinese investors backed by Fosun, had intended to kick off the $7.9 billion project by June. Under a deal signed in 2014, the consortium agreed to lease the site for €915 million and plans to convert it into one of the largest coastal resorts in Europe, Reuters noted.

Plans at the site, which is in the Hellenikon coastal area and three times the size of Monaco, include a 500-acre park, apartments, hotels and shopping malls that are all intended to attract tourists, according to the report.