Benzinga | Mar 2, 2021 01:33PM EST

Hill Int'l. Shares Spike To Session High Following Press Release Co. To Provide Project Mgmt. Services For Largest Waterfront Urban Regeneration Project In Europe

Hill International, Inc. (NYSE:HIL), the global leader in managing construction risk, announced today it was awarded a contract by LAMDA Development to provide Project Management Consulting (PMC) services for the Infrastructure and Landscape Program of the Hellinikon Project, Europe's largest waterfront urban regeneration program.

Following an international privatization process, LAMDA Development, through its fully owned subsidiary Hellinikon Global Investors 1 S.A., was selected as the Preferred Investor for the acquisition of 100% of Hellinikon S.A. Hellinikon S.A. owns the redevelopment and operational rights for the site of the former Athens International Airport and the additional adjacent plots that comprise the site for the project. The Hellinikon is located just 8 km southwest of Athens' city center and comprises an area of approximately 6.2 million square meters (620 hectares). For comparison, the site is three times the size of Monaco, and enjoys a magnificent 3.5 km waterfront along the Athenian coastline as well as a marina.

Inspired by LAMDA Development and master-planned by internationally acclaimed design firm Foster & Partners, the Hellinikon Project is a mega development with a total planned investment of more than (euro)8 billion ($9.5 billion), with work planned in phases over the next 15 years. LAMDA's vision for the Hellinikon is to create a landmark destination for Athens anchored by a world-class park fostering sustainability, enhancing connectivity, and transforming the waterfront through integration with the park. The overall built area of the project will be circa 2.7 million square meters in gross floor area (GFA). Essentially, the Hellinikon will realize a new "city within the city" and once complete will include a spectrum of uses and typologies, including residential, hospitality, cultural, educational, healthcare, and others.

The heart of the Hellinikon will be the Metropolitan Park, rivalling London's Hyde Park and New York City's Central Park in size, beauty, and functionality. At more than 2 million square meters, Metropolitan Park will connect the sea front with Hymettus mountain through fixed-track transport. This will provide direct access to the park and to the sea front from all over the Attica basin. The development's Infrastructure & Landscape Program also involves the construction of all new roadworks and utility networks, the development of the Metropolitan Park and other open areas, 50 km of pedestrian and bicycle paths, marine works to upgrade the waterfront, the creation of a 1 km long public beach, new solid waste management and wastewater management plants, associated flood protection, and other works.

"Hellinikon is Greece's 'Project of Projects'" says Manolis Sigalas, Hill Vice President & Managing Director for Southern Europe. "The planning and implementation of this infrastructure program is absolutely key for the success of the overall development and, simply put, our mission is to work hard to help the project and LAMDA succeed."

"We are delighted and honored to have been selected as the PMC on this program" says Hill Chief Executive Officer Raouf Ghali. "Hill has managed mega master-planned developments around the world and has a distinctive operational presence in Greece. We are confident our team's capabilities and the best practices we bring will enable us to be a valuable partner to LAMDA for delivering the Hellinikon's infrastructure program and beyond."