Finishing construction and finally opening the port city of Piraeus' lone high-rise tower, a worksite essentially abandoned since the mid 1970s, has received a "green light" by the Court of Audit, an administrative high court that approved of the municipality's concession contract with a property developer.
A binding offer for the 99-year of a high-rise building in Piraeus' business district was opened last October, with a consortium consisting of Prodea Investments, Dimand and the EBRD submitting the bid.
The 28,000-square-foot high-rise was built 46 years ago, but never occupied, as its interior remains unfinished.
The estimated investment on the part of the consortium is roughly 50 million euros, with office space and possibly a hotel planned.
The binding offer was received and opened by a municipal committee, as the city of Piraeus owns the property.