Dedicated to the construction of the “largest smart city in Europe”, which is none other than the Hellinikon project, is an extensive Bloomberg article.

After a decade of delays, the skeletons of the apartment buildings have begun to take shape. “There was justified mistrust” in the early days of the project, said the managing director of Lamda Development, Odysseas Athanasiou, speaking to the American agency.

On an area of ​​6,200 acres, 20 minutes by car from the center of Athens, Elliniko will transform both the Athenian Riviera and the country. It’s the kind of project we usually see in China or the United Arab Emirates, and a sign of Greece’s post-crisis renaissance.

Analysts predict it will add 2.5 percentage points to Greece’s GDP, create up to 80,000 new jobs and generate more than €10 billion in tax revenue after its completion in 2037.

It is also expected to attract an additional million tourists annually, who will be able to choose between a Mandarin Oriental hotel and an integrated casino-resort for their stay.

“Zip Code: Paradise”

For those looking to stay permanently, 243 apartments have already been put up for sale and 140 have been reserved. Lamda announced earlier this month that revenue from property sales reached 641 million euros since last March. The majority of buyers were Greek and the city is expected to house up to 20,000 people in around 10,000 homes over the next 13 years.

Based on the urban planning concept of the 15-minute city, residents of Hellinikon will be able to access schools, parks, offices, shops and even the beach in less than a quarter of an hour. There will be software throughout the complex to monitor waste, water and energy services.

“It’s a smart city from end to end,” Athanasiou said, adding, “We like to call it ‘Zip Code Paradise.'”

The process for the opening of Elliniko was not smooth, notes Bloomberg.

When Lamda bought the land in 2014, much of it was filled with the ruins of the former airport – including derelict aircraft – while other parts housed refugees and undocumented migrants.

The beach front was dotted with nightlife establishments and long-forgotten sports facilities. Delays in the permitting process made things even more difficult, and the fact that Greece was essentially bankrupt when the project was proposed made it even more unlikely that it would ever get off the ground, Bloomberg writes.

“We had a construction sector in Greece that was at its lowest point in the last ten years, due to the crisis” says Mr. Athanasiou.

“People had left the country and construction companies were not as strong as they used to be. The increased cost of construction due to the energy crisis after the war in Ukraine made the situation worse.”

While these challenges are being addressed, Lamda still faced – and continues to face – labor shortages. About 7,000 workers will be needed when the construction of the Elliniko shopping center begins next year. Lamda currently has around 2,000 employees and is in advanced discussions with contractors to bring in builders from other countries.

Still, Mr. Athanasiou described the company’s biggest challenge as a “lack of credibility.” Before construction began, the CEO said, “you had a bankrupt country, a huge project even by European standards, let alone Greece, and a company that had never undertaken such a project before.”

These obstacles, however, gradually faded away as the new city became a reality.

By the end of summer, seven new buildings will be visible from the shore, alongside the skyscraper in progress.

By the end of 2024, the skyscraper will have reached 100 meters and the number of waterfront residences under development will have reached 15.

By the end of 2025, a sports center with soccer fields, tennis courts and swimming pools will open to the public.

“By Christmas 2026, we want the residents to live in their homes,” said Mr. Athanasiou.