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LAMDA's $8B Athens project gets conditional permit

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LAMDA's $8B Athens project gets conditional permit

After placing a wrench in the $7.9 billion seaside resort project in Athens by a LAMDA Development SA-led consortium, advocates of the environment and culture heritage were appeased when the Central Archaeological Council recommended the dedication of a roughly 30-hectare portion of the site for archaeological purposes.

On Oct. 3, after three inconclusive meetings, the Central Archaeological Council granted a conditional permit for the 620-hectare tourism project, Reuters noted in an Oct. 4 report.

Stergios Pitsiorlas, deputy economy minister in charge of investments, told the media outlet that the slice apportioned for archaeological interest "shields the whole process from future litigation."

LAMDA, meanwhile, awaits official notification from the council before coming forward with an assessment of the decision's implications on its master plan. It said in a release that the importance of archaeological findings has been inclusive in the company's undertakings since the beginning.

Plans for the abandoned airport site in the Hellenikon coastal area include parks, apartments, hotels and shopping malls. Developing the site that the consortium is leasing for €915 million also serves as a precondition to Greece's international bailout program under the memorandum of understanding signed with the the European Commission.