Hill International to provide Project Management Services for the Largest Waterfront Urban Regeneration Project in Europe – The Hellinikon Project

Rhea-AI Summary

Hill International (NYSE:HIL) announced it has been awarded a Project Management Consulting contract by LAMDA Development for the Infrastructure and Landscape Program of the Hellinikon Project, Europe’s largest waterfront urban regeneration initiative. This mega development, located near Athens, involves a total investment exceeding €8 billion ($9.5 billion) and aims to create a vast urban environment with over 2.7 million square meters of built area. The project will feature a significant Metropolitan Park and various urban facilities, enhancing sustainability and connectivity.

Positive

• Awarded a significant PMC contract for the Hellinikon Project.
• Total planned investment of over €8 billion ($9.5 billion) indicates strong revenue potential.
• Development will create a vast urban area with diverse uses, potentially increasing demand for services.

Negative

• Execution risks associated with managing a large-scale, multi-phase project.
• Economic conditions may adversely impact project timelines and costs.

PHILADELPHIA and ATHENS, Greece, March 02, 2021 (GLOBE NEWSWIRE) -- 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 €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.”

About Hill International

Hill International, with approximately 2,700 professionals in more than 69 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

Forward Looking Statements

Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.

Hill International, Inc.
Elizabeth J. Zipf, LEED AP BD+C
Senior Vice President
(215) 309-7707
elizabethzipf@hillintl.com

The Equity Group, Inc.
Devin Sullivan
Senior Vice President
(212) 836-9608
dsullivan@equityny.com

 

FAQ

What is the Hellinikon Project related to Hill International?

The Hellinikon Project is Europe’s largest waterfront urban regeneration initiative where Hill International has been awarded a PMC contract for its Infrastructure and Landscape Program.

How much is being invested in the Hellinikon Project?

The project has a total planned investment of over €8 billion ($9.5 billion).

What role does Hill International play in the Hellinikon Project?

Hill International provides Project Management Consulting services to oversee the infrastructure and landscape development of the Hellinikon Project.

What are the features of the Hellinikon Project?

The project includes a Metropolitan Park, residential, hospitality, cultural and educational facilities, and extensive pedestrian and bicycle pathways.