Major Redevelopment Project in Faliron with Tae Kwon Do Conversion

The news in Greek

1. σύγχρονος
   που σχετίζεται με τη σημερινή εποχή, μοντέρνος ↩︎
2. κέντρο  (n.)
   σημείο ή περιοχή που είναι η κύρια πηγή ενδιαφέροντος ή δραστηριότητας ↩︎
3. συμφωνία  (f.)
   επίσημη απόφαση μεταξύ δύο ή περισσότερων μερών ↩︎
4. χρήση  (f.)
   πράξη ή διαδικασία χρήσης κάτι ↩︎
5. ανάπτυξη  (f.)
   διαδικασία αύξησης ή εξέλιξης ↩︎
6. βελτίωση  (f.)
   η διαδικασία του να κάνεις κάτι καλύτερο ή να βελτιώνεται ↩︎

Translation

Text comprehension

Question 1: What will the Tae Kwon Do Olympic Stadium become?

Question 2: How long will Attica have the use of the area?

Vocabulary

Greek	English
σύγχρονος	modern
κέντρο  (n.)	centre
συμφωνία  (f.)	agreement
χρήση  (f.)	use
ανάπτυξη  (f.)	development
βελτίωση  (f.)	improvement

Read the full story

The Olympic Tae Kwon Do Stadium in the Faliron area of Attica is set to undergo a significant transformation, following the signing of a long-term concession agreement. This agreement, signed by the CEO of the Public Properties Company (ETAD), Iro Chatzigeorgiou, and the Governor of Attica, Nikos Hardalias, with the presence of the Minister of National Economy and Finance, Kyriakos Pierrakakis, marks a pivotal step in urban redevelopment.

The agreement grants Attica a 40-year lease of a 153,207.51 square metre area, covering the stadium, the Plateia Nerou (Water Square), nearby seafront sections, and existing facilities. Spearheaded by the Attica region, the goal is to create a new, open Metropolitan Park – envisioned as a green, multi-functional space with strong environmental, social, and cultural significance. This development aims to revitalize Athens’ urban fabric, encouraging public space interaction and enhancing residents’ quality of life.

The stadium will be transformed into a state-of-the-art convention and concert centre, an infrastructure much needed in Athens. As part of the process, for the transition period spanning 2026 to 2027, the regional government will undertake necessary studies and secure funding, while ETAD will continue to manage operational costs. Financially, the agreement stipulates an annual compensation of 1 million euros to ETAD, alongside a share of potential future profits stemming from the project.

Minister Pierrakakis highlighted the importance of viewing public assets as active, societal capitals. “The Tae Kwon Do won’t remain a mere memory from the past,” he stated, emphasizing the intention to rejuvenate underutilized public properties through coherent planning, cooperation, and vision.

CEO Iro Chatzigeorgiou added that turning a new page in the legacy of such a landmark will introduce a sustainable operational framework for the next four decades, creating economic benefits and enabling ongoing upgrades. Her statement underscored ETAD’s strategy of leveraging partnerships with institutional and local entities to unlock the full potential of public assets for societal and economic gains.

The redevelopment is part of a larger vision for the Attica region, particularly along the Faliro coastal front. The plan includes the ambitious creation of the “Esto Perpetua” Metropolitan Park, encompassing 741 acres beside the sea, expected for completion and public access by 2028. Governor Hardalias noted that this project would reconnect the urban landscape with its coastline, reversing decades of disconnection, significantly upgrading the region and positioning Attica as a cultural and enterprise hub.

Such an undertaking is fortified by European funding, attributed to decisive interventions from Prime Minister Kyriakos Mitsotakis, preventing potential project cancellations due to previous delays. As highlighted, the revamped infrastructure is expected to boost Attica’s competitiveness by providing a venue for high-standard cultural, commercial, and tourism events, fulfilling a long-needed demand in the local market.

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