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Development of Olympic venues draws many bidders December 16, 2006

Posted by grhomeboy in Architecture Greece, Athens 2004 Olympics.

Three contracts already signed, with four more tenders under way

Officials at Olympic Properties SA are quite satisfied with the progress achieved in the sale of Olympic venues for development, as three tenders have been concluded, while four more are in progress.

Olympic Properties was set up to develop all the venues used for the 2004 Athens Olympics except for the main Olympic complex, the Peace and Friendship indoor arena and the soccer venues.

Olympic Properties’ management is also satisfied with the interest expressed by private investors, making for competitive tenders and satisfactory bids. Real estate companies have been at the forefront of the bidding, a fact explained by the prime location of Olympic venues.

Olympic Properties’ commitment to deliver the properties to private developers free of any legal claims or conflicts with town-planning regulations makes its portfolio even more attractive to private developers.

“Competitive tenders began in July 2005. During these months, with seven tenders having begun, and some completed, I think we are on schedule. We conducted the tenders as fast as we could. In this respect, we are happy with developments so far,” Olympic Properties’ President Christos Hajiemmanouil said.

Beach Volley: The tender for the seaside venue that hosted one of the Games’ most popular events is at its first stage, in which interested bidders have been invited to express interest, but not binding bids. The interested parties are three Greece-based groups (Village Roadshow Operations Hellas, the Everest/ATESE consortium and the GEK/J&P Avax/Vioter consortium and France’s Altarea and SEPI groups).

However, a recent agreement between the Ministry of Environment, Physical Planning and Public Works and the Municipality of Kallithea for the transfer to the latter of a nearby playground and buildings means that the tender must be called anew. The new call for expressions of interest will be published on January 8.

Sailing center: The installation at Aghios Cosmas is being leased for 35-40 years. The tender is at its final stage with the submission of binding offers by five bidders (Intrakat, Hellenic Technodomiki, Acropol Haragionis, Lambert Smith Hampton; Sirius Technical Commercial Industrial Auto Stations Development Company; the S.CAPE consortium made up of J&P Avax, GEK, Vioter SA and Autodynamiki; Aegaion Oil, Hellenic Environmental Center Oil Residue Management and Processing Company, Majestic Marine Company, Oceanic Cruise Corp, Gantzoulas Technical Co, Pantechniki; Waterfront SA).

Canoe Kayak Slalom: There has been considerable interest for this venue at Hellenikon, especially from leisure and catering companies. However, no big foreign firms have competed. The winning bid is expected to be announced early next year among two bidders: Audiovisual, in cooperation with Allou Fun Park and the J&P Avax/GEK consortium. Village Roadshow withdrew at the last moment, apparently because Olympic Properties insisted that the water course be preserved intact for sports purposes.

Faliron Convention Center: The arena that hosted the tae kwon do competition in the Olympics has also attracted a lot of interest, although the tender is still at an early stage. There are, potentially, over 20 bidders, mostly from the construction sector. Olympic Properties has said that the winning bidder must have significant experience in organizing conventions and conferences.

The badminton venue at Goudi has been leased for 20 years and an estimated total of euro 20 million to a consortium comprising Adam Productions, the owners of the Half Note Jazz Club and Allou Fun Park. They will invest euro 6 million in a 2,500-seat theater/entertainment space.

The Galatsi Olympic Center will become in 2008 a commercial complex to be developed by Sonae-Haragionis, which will initially pay euro 3 million annually for a 40-year lease. The developer will invest euro 78 million. Lamda Development will spend euro 60 million to develop a new commercial center at the site of the former International Broadcasting Center, leased for 40 years at euro 7.25 million per year.

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