Recent articles in the press made reference to the alleged decisions taken during the conference session of the Council of State (CoE) held on May 15th. BVIC's management is awaiting the publication of the decision of the CoE, i.e. if the building coefficient of 1.6 as defined by law is still applicable, in order to engage upon a course of action concerning the development of its project at Votanikos. If the building coefficient of 1.6 does not apply then the transfer of BVIC's property to the Municipality of Athens also does not apply and the company's management has the obligation to its shareholders (Greek and foreign investors) to revoke the grant of the property to the municipality.
The urban planning adjustments of the Joint Redevelopment project that concern both the Panathinaikos stadium and the commercial center are clearly interdependent since:
- the construction site of the stadium will be in an area, part of which belonged to BVIC and was granted to that end to the Municipality of Athens and
- the 100,000 sqm land plot owned by the company included industrial buildings owned by ETMA S.A. with a total surface in excess of 110,000 sqm which we demolished in order to free the required space for the construction of the stadium.
Without the above mentioned donation and demolition, the stadium at Votanikos could not have been constructed due to lack of space. Following the donation and demolition the law determines the building coefficient of 1.6 for the shopping mall.
BVIC's management will claim losses for the demolition of industrial buildings and the value of its existing land plot, which exceed the amount of 280 million Euros without including the construction cost of the existing project, if the Joint Redevelopment project is canceled.