High above the sparkling surface of the Athens coastline, the cranes for building the 50-floor luxury tower centerpiece of Greece’s future “smart city” look out over the Saronic Gulf.
At their feet, construction machinery stirs up dust.
Its backers say the 8 billion euro (US$8.43 billion) project financed by private funds is a symbol of Greece’s renaissance after the years of financial stagnation that saw investors flee the country.
Photo: Bloomberg
However, critics see it more as a future “ghetto for the rich.”
It is hard to imagine that 10km from the Acropolis, a new city “three times the size of Monaco” would rise from the ground by 2036, said Odisseas Athanasiou, chief executive officer of the group Lamda that owns the site.
One of Europe’s largest urban regeneration projects, the Ellinikon initiative features plans for villas, two hotels, shopping centers, a university, a marina and other buildings.
Photo: Bloomberg
It would also feature the Riviera Tower, which would be Athens’ tallest skyscraper when it is completed at the end of 2026.
About 30,000 people are expected to live on the 6.2km2 site on what for decades was Athens’ international airport.
The former terminal, a listed building since the airport relocated in 2001, is to be converted into an exhibition hall.
During the 2004 Olympic Games, Ellinikon became a sports hub and hosted sports competitions including canoeing and hockey.
However, the facilities were subsequently abandoned, and then came the financial crisis, which hit the Greeks hard.
Solidarity groups created a self-managed garden, a community grocery shop and a free medical center at Ellinikon, to make up for the shortcomings of a virtually bankrupt state.
Refugees were also temporarily housed in the derelict stadiums during the migrant crisis of 2015.
Amid the wave of privatizations imposed by the country’s EU-IMF creditors, Athens was forced to sell Ellinikon.
Lamda, a holding company specializing in property development, investment and management, won the bid in 2014 for less than 1 billion euros.
The company is listed on the stock exchange and majority-owned by Greek tycoon Spiros Latsis.
The company is building “the largest coastal park in the world,” with one-third of the surface area reserved for green areas accessible to all, Athanasiou said.
Ellinikon would be a “smart city” with advanced technological solutions, other project managers said.
“We’re building from scratch, which is a major advantage,” Athanasiou said in front of a huge model of the project. “Cities like Singapore, Copenhagen and Amsterdam have done incredible things in terms of technology. But they have had to adapt what they have developed to an existing infrastructure.”
The park would have 8,000 to 9,000 homes.
The most luxurious apartments in the Riviera Tower can cost up to 25 million euros, Athanasiou said.
The least expensive would sell for around 400,000 euros, a price entirely unaffordable for many Athenians, critics say.
“This is not a real-estate development project, it’s an ‘offshore’ colony,” said Nikos Belavilas, director of the urban environment laboratory at the National Technical University of Athens.
“We will have a gated community isolated from the city, with skyscrapers and casinos for the oil-rich,” he said, at a time when Athens is more in need of social or student housing.
The concrete-clad capital, with its jumbled streets that have grown out of control, is cruelly lacking in green areas.
Ellinikon, with its parks and beaches, represented “an opportunity to have a large urban green space,” Belavilas said.
It could have become an Athenian Tempelhof, he said, referring to the former West Berlin airport which was transformed into a huge park open to all in the center of the German capital.
The Ellinikon project is “dire on several levels,” especially in terms of the “macro-economic management of the country,” one Athenian architect said on condition of anonymity.
Other Greeks complain that the state simply flogged off the site.
Athanasiou counters that when the privatization took place “we were the only ones to respond to the call for tenders.”
The project would “strengthen the country’s credibility abroad, which was damaged during the years of crisis,” he said.
Up to 80,000 jobs would be created and the Greek state would reap more than 14 billion euros in tax revenue once the project is completed, he said.
RUN IT BACK: A succesful first project working with hyperscalers to design chips encouraged MediaTek to start a second project, aiming to hit stride in 2028 MediaTek Inc (聯發科), the world’s biggest smartphone chip supplier, yesterday said it is engaging a second hyperscaler to help design artificial intelligence (AI) accelerators used in data centers following a similar project expected to generate revenue streams soon. The first AI accelerator project is to bring in US$1 billion revenue next year and several billion US dollars more in 2027, MediaTek chief executive officer Rick Tsai (蔡力行) told a virtual investor conference yesterday. The second AI accelerator project is expected to contribute to revenue beginning in 2028, Tsai said. MediaTek yesterday raised its revenue forecast for the global AI accelerator used
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
Artificial intelligence (AI) giant Nvidia Corp’s most advanced chips would be reserved for US companies and kept out of China and other countries, US President Donald Trump said. During an interview that aired on Sunday on CBS’ 60 Minutes program and in comments to reporters aboard Air Force One, Trump said only US customers should have access to the top-end Blackwell chips offered by Nvidia, the world’s most valuable company by market capitalization. “The most advanced, we will not let anybody have them other than the United States,” he told CBS, echoing remarks made earlier to reporters as he returned to Washington
RSS