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    Construction Starts on €8 Billion ‘Smart City’

    AramideBy AramideJuly 12, 2024Updated:July 12, 20246 Mins Read
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    Construction started on a “smart city” three times bigger than Monaco. Developers hope it will set an example for sustainable development worldwide. Ellinikon, the name of the smart city, costs €8.5 billion and covers about 6.2 million square meters. The city is one of the world’s largest urban projects. It will include thousands of homes, shopping centers, a business area, and a 600-acre public park. Although developers call it a smart and sustainable planning model, some experts doubt it can achieve these high goals.

    What Is a Smart City?

    Lamda Development, the Greek company behind Ellinikon, calls it “Europe’s largest sustainable smart city.” They mean a city within a city, designed with care for its residents and the environment. The project focuses on smart, sustainable principles. It uses advanced technologies and carbon-neutral practices.

    Source: Pinterest

    Lamda also describes it as a “zip code paradise” or “15-minute city.” This city has everything you need: homes, parks, beaches, sports facilities, entertainment, schools, hotels, and health services. All these places are just a short walk away.

    The First Phase of the Smart City

    Lamda Development is a prominent real estate company in Greece. In 2014, it won the bid to redevelop the abandoned Hellinikon airport on the Athenian coast. However, due to the country’s economic crisis, the development rights were not officially transferred until 2021. After the development rights were transferred, construction began. 

    Source: Pinterest

    The first construction phase includes a new public beach, Ellinikon Park, transport infrastructure, and residential areas. According to Lamda, it is expected to finish between late 2026 and early 2027 and will cost about $3.6 billion.

    Source of Funds for the Smart City

    Lamda was asked how it would raise the €8.5 billion needed for the Ellinikon project. The estate company replied that it was self-funded. They said much of the money came from pre-sold homes at Ellinikon. 

    Source: Pinterest

    By June 7, buyers had reserved 60% of the homes in the “Little Athens” neighborhood. 60% is about 1,115 homes. Also, all 170 homes in Riviera Tower, which cost an average of €3.6 million each, have been pre-sold.

    ALSO READ: The Dynamics and Cost of Living in a Tiny House 

    Agreements and Investments

    Ellinikon’s Commercial Hub will cover about 2 million square miles. Agreements have already been made for about 70% of the space available for lease. Lamda disclosed in an interview that the demand for both residential and commercial spaces has been much higher than expected. More than 8,000 people are on the waiting list. 

    Source: Pinterest

    In addition, the U.S. company Hard Rock is investing €1 billion to build a resort and casino in Ellinikon.

    What Will Be the Impact of Ellinikon?

    Lamda calls Ellinikon Europe’s biggest urban renewal project because of its size, budget, and expected impact. They predict this new smart city will boost Greece’s GDP by 2.4%. Lamda believes it will create 80,000 new jobs and attract one million more tourists to Athens annually. They are sure Smart City will generate over €14 billion in tax revenue.

    Source: Pinterest

    The real estate company highlighted the decade-long economic crisis that reduced the country’s GDP by 25%. However, they believe Ellinikon shows that Greece is recovering, and investors are again interested. The project focuses on sustainability. It features a 600-acre public park that will increase green space in the Athens area by 44%.

    Ellinikon: A Vision for the Smart City

     Lamda has a specific vision for the Smart City. They said they want Ellinikon to be a model for responsible development that can be copied worldwide. Ellinikon is one of many huge projects that aim to be smart, sustainable, and environmentally friendly. 

    Source: Pinterest

    Similarly, Neom, a well-publicized project by Saudi Prince Mohammed Bin Salman, was promoted as the future of city living. However, work on Neom, including its main 105-mile linear city called The Line, has slowed down. This is due to rising costs and engineering challenges unique to its construction.

    An Oversight

    During an interview, infrastructure experts were asked about Ellinikon and whether developers were overlooking potential problems with their smart city plans. Loretta Lees, a leader of Boston University’s Initiative on Cities, highlighted some concerns. He talked about the project’s lack of consideration for Athens’ extreme heat and pointed out that this oversight could pose significant economic risks for the developers. 

    Source: Pinterest

    Lees also described the Ellinikon project as another big gentrification plan happening globally. He asked about its expensive properties and their impact on housing in Athens and pointed out its potential effects on the local housing market.

    Warnings From Experts

    Lees commented that the smart city might become a starting point for gentrification in the surrounding areas and along the coast. Even if it doesn’t directly force people to move, it will likely lead to indirect displacement and exclusion. 

    Source: Pinterest

    Michael Edwards, a University College London’s Bartlett School of Planning and Architecture teacher, shared similar worries. “The city already has significant inequalities that are influenced by global economic pressures. A high-end development like this could cause more harm than good,” Edwards warned. “Given the current planning and political climate, it’s unlikely that the scheme will benefit the poorer parts of the city much.”

    ALSO READ: That $2 Bill Could Be Worth Some Real Buck 

    A Positive Review 

    Phoebe Koundouri gave her opinion about the smart city. Koundouri is the president of the European Association of Environmental and Resource Economists and the chair of the United Nations Sustainable Development Solutions Network Global Climate Hub.

    Source: Pinterest

    Koundouri said, “The Ellinikon project is a huge urban renewal effort. It is one of the largest ever seen in Europe, and especially in Greece. It has the potential to be a great example of successful urban regeneration.” She praised Lamda for their commitment to sustainability in the Ellinikon project. 

    Economic Risks of the Smart City

    Using an old industrial site that has been unused for years will improve the area.  It will attract much-needed investment to Greece’s economy. It’s also clear that efforts have been made to protect the natural environment.

    However, Koundouri warned about the economic risks of the Ellinikon project. “There are concerns about gentrification. People are concerned about whether locals can still afford to live in the area as property values are expected to rise significantly. Also, building a new city within the Athens metropolitan area will put immense pressure on infrastructure,” Koundouri said.

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