Specifically, and according to ered's sources familiar to the matter, development works are estimated to begin in two months time for the first housing complex after the Municipality of Vari, Voula, Vouliagmeni have approved "VHPH Properties" studies that is responsible for the project's development.
The project, which according to the initial plans will be developed in three phases and will include a total of 250-350 apartments and houses, as well as gyms, swimming pools, playgrounds, security and underground parking spaces in the Koniari Estates, was put on hold for... some time after a dispute with the municipal authority.
However, and after relevant negotiations, the Municipality succeeded in drawing up a contract for the concession of a total of 11.5 acres in the "Outback Area".
Specifically, on 6 acres green spaces will be created without construction and on the remaining 5.5 acres open sports facilities with the aim of environmental, aesthetic and functional upgrading of the area.
According to the same information, around 63 acres are currently planned to be built on the part of the investors, with a building factor of 0.6 "which is in accordance with the current regulation".
The properties that will be developed will be targeted to domestic and foreign prospectiv buyers, since the location of the plot is considered by Hines as one of the most attractive areas of Attica, thanks also to its proximity to the sea.
Finally, it is worth recalling that the investment scheme had purchased the asset in August 2020 from the Benaki Museum for €50 million.
