One substantial step closer to Faleron Bay restoration has been made as the administration of Attica region approved the allocation of 80mn euros for the project implementation.
The regional administration’s decision also specifies the funding flow for the overall cost of 150mn euros over the course of 3 years; 40mn euros for 2018 and a remaining 30mn euros for 2019, when the project is expected to be completed. It is reminded that the project was tendered in December 2016.
The construction company that finally undertook the project is AKTOR SA with a surprising discount of 53%. The final signatures are expected in the following days, allowing the project to proceed to its implementation stage immediately after (Summer 2017) with an estimated completion time frame within 21 months (first semester of 2019).
The restoration includes a partial undergrounding of Posidonos Avenue witth the consequent unification of a sizable area extending from SEF "Peace and Friendship" Stadium to Flisvos Marina that will be reshaped and transformed into a metropolitan park with promenades and sports facilities. The project is considered to be complementary to Stavros Niarchos' Cultural Center, the recently released jewel of the capital, as it will be connected with the new park and the seafront. The relevant studies are carried out by the Italian architect, Renzo Piano.