Bloomberg has an extensive report on the largest urban redevelopment in Europe, in Elliniko, which is in full development by Lamda Development.

When the first construction phase of the Elliniko project is completed in 2026, the site of the former Athens airport will be unrecognizable, Bloomberg reports.

The Eero Saarinen-designed East Terminal will remain in place, the abandoned hangars and runways replaced by a mixed-use development twice the size of New York’s Central Park.

Within three years, the 650-acre site along Athens’ southeast coast will feature approximately 10,000 luxury beachfront homes and apartments, a Mandarin Oriental hotel, one of Southeast Europe’s largest shopping malls, a marina for mega-yachts, a casino under the Hard Rock brand, a state-of-the-art sports complex, a private school, cultural and entertainment centers, a long beach and a two million square meter green space that will be Europe’s largest coastal park, all overlooking the blue waters of Saronicou, Bloomberg describes in his article.

The privately funded project will transform the Greek capital, it is reported, and to generate early momentum, developer Lamda Development has begun selling residential properties in the 200-meter Riviera Tower, which will soon be the country’s tallest building.

So far, all 170 units of the tower have been sold, with the majority being purchased by Greek residents and members of the Greek Diaspora. Sales for leases and properties in Elliniko have reached €1.2 billion to date, while residential property prices in neighboring suburbs have also started to rise.

“Our conservative estimates are that Elliniko will add 2.5% to Greek GDP upon completion and attract 1.5 million tourists annually,” said Lamda CEO Odysseas Athanasiou.

At the launch event last October, Prime Minister Kyriakos Mitsotakis described the Hellinikon project as “the prelude to a new era for the coast”, noting that it is expected to generate more than 14 billion euros ($15.2 billion) in tax revenue during its 25-year development cycle. With the country still reeling from a decade-long debt crisis, Hellinikon is rising as a symbol of Athens’ renaissance, the report said.