-With the issuance of the environmental licensing of projects, the implementation of Project Voria proceeds, an investment of € 250 million. by North Star Entertainment
The investment of €250 million enters the final stretch. of North Star Entertainment for the creation of the new entertainment and hospitality pole in Maroussi, as the Ministry of Environment and Energy issued the relevant Decision for the Approval of Environmental Terms (AEPO). With this approval, the permitting process enters its last stage, the issuance of building permits, and the start of construction of the project.
Project Voria is the first, after many years, strategic investment implemented in the northern suburbs of Athens. According to the Environmental Terms Study (EIA), North Star Entertainment has designed the new complex in a way that integrates harmoniously with the environment, as the goal of the investors is to create a complex that will be a landmark for the wider area. The maximum height of the complex will not exceed, on average, 18 meters, i.e. the height of a three-storey apartment building and will be constructed with advanced architectural design that will give the building the feeling of smaller volume. The modern approach to the construction of the building concerns the integration of advanced technologies for the sustainable management of natural resources, with the aim of reducing the environmental impact and combating light pollution. This philosophy demonstrates investors’ commitment to sustainability, turning the complex into a remarkable example of environmental sensitivity for Athens and the country. The same philosophy is demonstrated by the creation of extensive green spaces with an area of 17,232 sq.m., exceeding the required plantings by approximately 7,000 sq.m. In addition, 25 acres (out of a total of 55 of the area) will be granted to the Municipality of Maroussi for the creation of free public spaces for public uses in order to promote health, recreation of residents and overall upgrade of the quality of life of the residents of the Municipality.
The project concerns the construction of a state-of-the-art complex that will include a luxury five-star hotel, event and conference venues, a variety of dining and entertainment options, as well as a casino. The project also provides for the creation of large underground parking spaces facilitating access and use of the facilities. Project Voria is expected to enhance the attraction of special forms of tourism in the northern sector of Attica, such as hosting international conferences, organizing cultural and other events, responding to a need that has been expressed for years by local government and other bodies.
Significant traffic interventions are planned within the framework of the project, at the expense of the investment entity, which will ensure isolated and independent access to the new complex, with additional traffic lanes on Kifisias and Sp. Louis, interchanges between the local road network and the building, improvement of signalling and other projects that are expected to dramatically upgrade road safety and the level of transport services of the entire region. At the same time, the fact that the uses of the complex that will attract visitors during non-peak hours, will not cause additional traffic burden.
Please note that Project Voria will provide significant economic benefits. The construction of the project completes the long-pending urban planning that will tidy up an entire area and add added value to hundreds of properties. In addition, attracting high-level tourists and visitors will benefit local businesses and create at least 1,000 new direct and indirect jobs. It is emphasized that the project, respecting the local economy, does not foresee the creation of hyperlocal malls. On the contrary, both during its construction and more, with its operation, it will be based on the local market and will significantly enhance its turnover.
Finally, the implementation of the project serves critical public interest objectives, as the State will ensure an increase in its revenues, since through HPPC it controls 49% of the investment entity.
“The issuance of the AEP for Project VORIA is a decisive step for the start of our important investment in the northern suburbs. It is a project that will incorporate the most modern environmental standards, emphasizing the creation of green spaces and which gives a new lease of life to an area that for many years has been underutilized and degraded. Our vision is to create a leading entertainment and hospitality destination that will offer unique experiences to our guests, always with the credentials of our long-standing expertise in the field” said Mr. Yannis Tsirikos, CEO of North Star Entertainment.
North Star Entertainment S.A.
North Star Entertainment S.A. is the contractor of the €250 million tourism investment. for the creation of the new entertainment and hospitality hub in the northern suburbs of Athens. Its main shareholder and manager is Regency Entertainment, a company with a long track record in the entertainment, hospitality and culture sector, which has implemented significant and far-reaching investments that contribute to the country’s economy.
