PHILADELPHIA and HERAKLION, Greece - Hill International (NYSE:HIL), the global leader in managing construction risk, announced today it was selected as the Independent Engineer for the New International Airport of Heraklion project on the Island of Crete. The total investment is expected to exceed €500 million (USD$585 million).
Following an international open tender, in May 2017 the Hellenic Republic announced the Consortium Ariadne Airport Group as the Provisional Contractor for the design, construction, financing, operation, and exploitation of the airport project and the construction/financing of the associated road connections. Ariadne Airport Group comprises reputable Greek corporation TERNA S.A. and GMR Airports Ltd, an India-based company. The project will be developed under a Concession Agreement for a period of 35 years, with the Hellenic Republic maintaining a 45.9% stake in the concession.
Works, which are expected to commence within Q4 of 2018, include the construction of a new airport with a terminal of 72.000m2, category ICAO Code E runway of 3.2 km, and an apron area capable of more than 30 remote and contact parking positions, as well as the connecting roads and a Commercial Zone. The airport, planned to be operational in 2023 by replacing the existing Heraklion Airport, expects to handle more than nine million passengers in the beginning of its operations, becoming the second busiest airport in Greece behind Athens International.
“The Kasteli Airport Project is an infrastructure project of particular significance for Crete and all of Greece,” said Emmanouil (Manolis) Sigalas, Hill’s VP and Managing Director, Southern Europe. “The airport will become a key hub for transportation and tourism, providing several benefits to the regional economy, not least by jobs creation. We are honored by this appointment and look forward to supporting the Hellenic Republic and the Investors for its delivery.”