Feb 22, 2016
Boston Consulting Group;
Stavros Niarchos Foundation;
Stavros Niarchos Foundation Cultural Center;
The Stavros Niarchos Foundation (SNF) had asked the Boston Consulting Group (BCG) in 2010 to develop a business plan and impact assessment for the newly planned Stavros Niarchos Foundation Cultural Center (SNFCC) in Athens. Given the near completion state of the project, and the significant changes in the macroeconomic conditions, the SNF asked BCG to revise the impact study, which is presented hereafter. This new report is structured along three key themes: the SNFCC's positive impact on Greece's image & its people, its status as a global role model of environmental sustainability, and its deep economic impact in a time of crisis.
With regards to the first theme, the SNFCC can be a global landmark for Greece and its people, a monument of modernity and sustainability for the city of Athens. Not only can it improve Greece's image internationally, SNFCC's visibility is likely to boost tourism to Greece at a critical time. The SNFCC is expected to be a landmark of inclusion, providing access for those of all backgrounds, and those with special needs, to the rich offering of Greece's cultural and educational legacy. The local community will have an improved quality of life with clean air, exercise facilities and twice as much green space.
In terms environmental sustainability, the SNFCC is the first public building in Greece -- and one of the few high scale and complex buildings globally -- to achieve a LEED Platinum certification. Based on this certification, best practice environmental standards were met during the SNFCC's design and construction, and guarantee its sustainability during operations. Tangible benefits on the local ecosystem are already apparent in the Stavros Niarchos Park.
Finally, with respect to the SNFCC's economic impact, the majority of the total SNF donation of €596M has been spent in Greece. In this challenging period, the SNFCC's construction has already contributed more than €1.1Β in Greek GDP, ~ 13.6K jobs and €57M in taxes. In its operational phase, the SNFCC is expected to make an annual contribution of ~ €140M in Greek GDP, employment of ~ 2.3K people, and €19M in taxes.