U.S. investment company BlackRock has decided to freeze a plan to build a mall complex in western Athens after 11 years of battling Greek bureaucracy, because of the risky economic situation in Greece, Kathimerini news website reports.

The company decided to postpone the “Academy Gardens” project for at least a few years. The 55,000-square meter shopping and entertainment complex was to be constructed on a plot in Academia Platonos, where the former Mouzakis textile factory was located.

According to Artume, BlackRock’s vehicle for the implementation of the project, there were multiple reasons the development plan stopped. The bad economy in Greece and worldwide, political uncertainty internationally and the upcoming general, local and European elections.

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