Construction Begins on Massive $9 Billion 'Smart City' Project

Construction Begins , on Massive $9 Billion, 'Smart City' Project.

'Newsweek' reports that construction is , underway on a "smart city" , three times the size of Monaco.

Developers on the $9 billion project hope it will become a prototype for sustainable developments around the world.

Covering an area of 6.2 million square meters, Ellinikon is one of the biggest sustainable urban development projects in the world.

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The project is being developed with a focus on smart sustainable city principles, incorporating the most advanced technologies and carbon neutral practices, Lamda Development, via 'Newsweek'.

The end goal is to combine thousands of permanent residences with a commercial hub surrounding a 600-acre public park.

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It's a genuine 15-minute city within a city, designed to ensure that all residential areas, parks, beaches, sports, leisure and entertainment venues, educational facilities, hospitality options, and health services are all easily accessible within a short walk, Lamda Development, via 'Newsweek'.

Lamda Development, one of the largest real estate investors in Greece, won a government bid to reimagine the abandoned Hellinikon airport back in 2014.

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The first phase of the project, costing around $3.6 billion, will see the creation of a new public beach, the public Ellinikon Park, transport and residential infrastructure.

Market demand for the residential and commercial spaces launched to date has far exceeded supply, with over 8,000 potential buyers currently on a waiting list, Lamda Development, via 'Newsweek'.

According to Lamda, Ellinikon could , "serve as a prototype for responsible development that can be replicated globally."