Five years after the Stavros Niarchos Foundation announced its intention to fund the development of the Stavros Niarchos Foundation Cultural Center (SNFCC), and two years after the ratification of the contract by the Greek Parliament, the beginning of the construction phase of the project becomes a reality, in accordance with the initial timetable.
Excavation works are set to commence this week in order to prepare the site for the actual construction which is scheduled to begin in the Spring of 2012.
The beginning of the construction phase comes at a very critical juncture in modern Greek history and brings a much-needed sense of optimism and hope, as well as a whole range of significant economic benefits to the country. Approximately €1 billion of total economic stimulus will be derived from the upfront commitment in the construction of the SNFCC, while 1,500 to 2,400 people will be employed each year to support SNFCC construction and all related industries.
The Stavros Niarchos Foundation is assuming the total cost of building and outfitting the SNFCC, estimated to be €566 million (US$759 million). Upon completion, at the end of 2015, the SNFCC will be donated to the Greek State for public use.