ATHENS – Everything old is new again, at least that’s what one Greek development company is hoping.

According to The Telegraph, Lamda Development has plans to convert the abandoned Hellenikon airport in Athens into Greece’s largest coastal resort, complete with hotels, residences and shops.

Once the only airport in Athens, Hellenikon closed in 2004 ahead of the Olympic Games to make way for a more modern hub in the city, and has been decaying ever since. But if Lamda’s € 7 billion plan comes to fruition, the crumbling wasteland “is going to change the psychology of foreign capital toward investment in Greece,” said Odisseas Athanassiou, Lamda’s chief executive.

The proposed site, which is three times the size of Monaco, is backed by Chinese conglomerate Fosun. Lamda intends to spend about € 1.5 billion on roads and other infrastructure, and another € 5.5 billion on the construction of 8,000 homes, hotels, shops and a 494-acre park.

Currently, the abandoned airport is housing 3,000 migrants and refugees. The Greek government is planning to relocate them to other sites in the country.

Athanassiou hopes that construction will begin early next year, with many buildings up and ready for 2020.