The Stavros Niarchos Foundation, established with a massive grant left by the late Greek shipping tycoon of the same name, is set to turn over a state-of-the-art new cultural center to the Greek state, 10 years after the initial announcement of the significant endowment.
The new entity, officially named the Stavros Niarchos Foundation Cultural Center (SNFCC), will host Greece's national library, and the National Opera, with the final completion of the relevant building facilities in October 2017. A new park also surrounds the facility, which was erected in the coastal Athens district of Faliro, on a tract of land that once hosted the Greek capital's horse race track.
After the administrative handover, the Foundation will not have any participation in the SNFCC, although it has pledged to continue financially supporting the endeavor, to the tune of 50 million euros.
