Construction Begins , on Massive $9 Billion, 'Smart City' Project.br 'Newsweek' reports that construction is , underway on a "smart city" , three times the size of Monaco.br Developers on the $9 billion project br hope it will become a prototype for sustainable br developments around the world.br Covering an area of 6.2 million square meters, br Ellinikon is one of the biggest sustainable br urban development projects in the world. .br The project is being developed br with a focus on smart sustainable br city principles, incorporating the br most advanced technologies br and carbon neutral practices, Lamda Development, via 'Newsweek'.br The end goal is to combine thousands br of permanent residences with a commercial br hub surrounding a 600-acre public park. .br It's a genuine 15-minute city br within a city, designed to ensure br that all residential areas, parks, br beaches, sports, leisure and br entertainment venues, educational br facilities, hospitality options, br and health services are all easily br accessible within a short walk, Lamda Development, via 'Newsweek'.br Lamda Development, one of the largest real estate br investors in Greece, won a government bid to reimagine br the abandoned Hellinikon airport back in 2014. .br The first phase of the project, costing around $3.6 billion, will see br the creation of a new public beach, the public Ellinikon Park, transport and residential infrastructure.br Market demand for the residential br and commercial spaces launched br to date has far exceeded supply, br with over 8,000 potential buyers br currently on a waiting list, Lamda Development, via 'Newsweek'.br According to Lamda, Ellinikon could , "serve as a prototype for responsible br development that can be replicated globally.