With the Piraeus Tower now fully operational after the completion of its reconstruction, projects worth hundreds of millions of euros are underway along the entire 70-kilometer coastline up to Cape Sounion, upgrading the area and attracting the interest of domestic and international investors.
In addition to the largest urban redevelopment in Elliniko by LAMDA Development, which is in full swing, a number of individual large-scale residential and tourism redevelopments are being planned, implemented and delivered along the entire coastline. According to the announcements made by the consortia and project developers, many new jobs are being created both during the projects and on a permanent basis, strengthening local communities and business in general.
But at what stage are some of the investments underway? Who are the big 'players' driving the coastline into the next day?
RIVIERA
The New Urban Promenade: the signing of the contract for the execution of the project by the Region of Attica and the Contractor is imminent in the near future. The New Urban Walk of the Athenian Riviera is an emblematic project that will give new life to the entire coastal front of Athens, essentially upgrading the quality of life of residents and visitors. The aim of the project is to create, through the construction of the pedestrian and cycle path, an upgraded free public space which is dedicated to pedestrians and cyclists throughout the basin and its visitors. The largest cycle and pedestrian path in the capital city is being acquired. It will link the coastal front and seaside urban landscape of six municipalities (from Vari - Voulas - Vouliagmeni to the municipality of Kallithea). The path is 22 km long overall, with about 12 km of that length receiving funding from the Recovery and Resilience Fund and having a budget of 19.1 million euros in accordance with the standards for European cities. Green spaces will be increased, encouraging the use of cycling as a means of transport and thus helping to reduce carbon dioxide emissions. The Ministry of Environment and Energy, the Region of Attica and the Strategic Procurement Unit of the Hellenic Property Fund (PPF) have matured the project and carried out the tender process. The contractor for the project was ZITAKAT Anonymous Technical Commercial Industrial Company (d.t. ZITAKAT ATEBE). The pre-contractual audit by the Court of Auditors and the contract audit by the Special Coordination Service of the Recovery Fund have already been completed and the signing of the contract for the execution of the project by the Region of Attica and the Contractor is imminent.
ELLINIKON
With more than 30 cranes that are constantly increasing in number, the former Elliniko airport site is the largest construction site in Greece. According to data released by LAMDA Development, as part of regular updates on the progress of the project to create the first smart and green city from the ground up in Europe, infrastructure projects as well as construction projects associated with residential developments (Riviera Tower, two-story residences, etc.), commercial and sports facilities are underway, some ahead of schedule. At the same time, all the residential redevelopments of the initial phase are sold out. There is also growing interest in the residential redevelopments of the new neighborhood of Hellenic, "Little Athens", which is targeted at middle-income groups. On a business level, the entry of the shipowner Georgios Prokopiou into the Elliniko project, with the purchase of 2% of LAMDA Development's own shares, reinforces the strategy of the company's CEO, Odysseus Athanasiou, to create strong domestic and international partnerships and alliances for the implementation of the Elliniko project, both on a business and construction level. The announced sale of 2% of LAMDA Development's shares and voting rights to a business run by G. Prokopiou is a component of a larger strategic alliance between the two organizations. This partnership includes the creation of an educational institution with an International Studies Program and more residential and office space in the Hellenikon project, which allows for a total building area of 86,000 sq. m. The agreement is expected to be completed within the next month.
At the same time, last week, it was announced that the construction company METKA ATE, a wholly owned subsidiary of Metlen Energy & Metals (formerly MYTILINEOS), will undertake the construction of the Riviera Galleria shopping destination, with a total building area of approximately 23,000 sq m. The construction duration is estimated at 26 months.
Regarding the major urban regeneration of Elliniko, emphasis is placed on the fact that with the completion of the project, the microclimate of the wider area will change, as the area covered by 70% cement will consist of 70% greenery, with all the positive environmental benefits that this entails. Additionally, as LAMDA Development has stated, there will be significant environmental advantages to building the new city because it will use the most cutting-edge sustainable development practices (such as renewable energy, energy and water-saving systems, etc.).
SARONIDA
The preparation of Vita Development's investment in the Saronida Olympos Golf Project, which has been included in the fast-track Strategic Investment Scheme, is also underway, a project with a total budget of 840 million euros. The project envisages, among other things, the development of a hotel complex, holiday homes and golf course on a 6,000-acre site in Saronida. 2 000 hectares will be granted to the Greek State and 1 000 hectares will be reforested in the mountainous area in which the investment is located.
At the current time, the investor is in the process of preparing the environmental conditions and the construction studies will follow in order to obtain the building permit and start the construction works. The studies are expected to be submitted after September this year in order to follow the next steps.
ALIMOS MARINA
The Ministries of Environment, Energy, and Tourism signed the EIA last week to approve the zoning and environmental conditions of Alimos Marina. The development project of the New Alimos Marina, a company of AKTOR PARACHORISIS, a member of the ELLAKTOR Group, is entering its next phase for the issuance of building permits. Alimos Marina is the largest marina in the Balkans and one of the most historic and emblematic marinas in Greece. It is a reference point of the capital and an integral part of the Athenian Riviera. It is in a prime geographic and strategic location because it is 30 km from the International Airport El. Venizelos Airport, 15 km from the city center, and 8 km south of the port of Piraeus. It is also accessible by a robust transportation system that includes trams, buses, and taxis.
With a land area of 210,000 sq. m., a sea area of 428,000 sq. m., and jetties of 1,170 m., it is the largest marina in Greece and the Balkans, with 1,100 permanent berths, of which 50 berths for large yachts over 25 m. It operates in accordance with international standards and has winter storage space for about 350 vessels. On January 1, 2021, the Hellenic Property Development Fund (Hellenic Property Fund) granted the right to use and operate the Alimos Marina for 40 years to the subsidiary company "Development of New Alimos Marina S.A." while REDS, also a subsidiary of the same Group, has undertaken the development, design and construction project with the aim of upgrading it into one of the most modern tourist marinas in the Mediterranean.
The concession of the Alimos Marina provides, among other things, the possibility of exploiting the 210,000-square-meter land area for a wide range of tourism, cultural, and leisure uses, which allows the implementation of an integrated tourism investment worth approximately 100 million euros in the rapidly developing coastal front of the Greek capital with multiple added value, both locally and nationally.
According to the design, the building development of approximately 18,500 m2 will highlight the dynamics of the marina as it will host tourism, commercial and entertainment uses that will upgrade it into a destination for the residents and visitors of the capital. According to a briefing note, the project "responds" to the most modern requirements for citizen-friendly developments as the volume of the buildings will be dispersible and the buildings will be ground floor, i.e. up to 4.5 metres high, while where there is a first floor, the total height will not exceed 7 metres. In fact, given that Poseidonos Avenue is elevated above the Marina, anyone walking on the pavement along the avenue will be able to see the sea for almost the entire length of the avenue, as is the case today. In addition, the upgrading of the marine section and the modernisation of the infrastructure and boat accommodation services will make Alimos Marina one of the most modern marinas in the Mediterranean. The project includes provision for extensive areas ideal for walking and cycling. The surrounding area will be built perpendicular to Poseidonos Avenue, with planted berms that will "connect" the city with the marina. Particular emphasis has been placed on a modern, "green" development, and it is worth noting that the use of the swimming pool, which remains integrated in the area, will not be affected.
