The majority of the key projects in the first phase of the ongoing mega project the Ellinikon will be completed by the end of 2026, provided that in the next - few - months, the State legislates on the licensing and employment procedures for non-European countries' workforce to come and work in our country.
This was emphasized, among other things, in yesterday's presentation on the progress of the projects at Εllinikon by the CEO of Lamda Development, Odysseas Athanasiou, who added regarding the deficit in the domestic construction sector, that they brought in some foreign groups, such as Bouygues, who, along with Intrakat, undertook the construction of the Riviera Tower. They also incorporated some smaller construction companies into projects of Εllinikon, such as Ethnokat in collaboration with Aktor for the "The Cove Residencies" project.
THE MUT TOWER
Regarding the progress of the projects, according to Mr. Athanasiou, several projects of the first phase have already begun - with the building of the AMEA (Accessible Multifunctional Education Area) already delivered since last September.
The remaining projects are set to start in 2024, except possibly for the Mixed-Use Tower (MUT), which may commence in early 2025. For MUT, which will be developed by Brook Lane (with a 70% stake) and Lamda (with 30%), it was mentioned that initial advances are expected before Christmas. It will house a Marriott hotel and approximately 70 branded apartments.
OFFICE PARK
For the office park, which was originally intended solely as office space, after the cancellation of the agreement with Eurobank and Piraeus Bank, Lamda Development's management is now changing the design. They are considering constructing apartments on the top 15 floors (around 45 units), as there is a demand for residential properties in the area.
HIGH DEMAND
Lamda Development is considering the creation of an SPV (Special Purpose Vehicle) for the 100,000 square meters out of a total of 200,000 square meters - possibly including 50,000 square meters of the skyscraper - and offering shares (either minority or majority) to investors, primarily funds and/or Greek Real Estate Investment Companies (REICs).
RIVIERA TOWER
Last October, Lamda Development took the decisive step towards completing the foundation of the Riviera Tower, the first green skyscraper in our country, standing at a height of 200 meters and comprising 50 floors. The completion of the project, undertaken by the joint venture Bouygues-Intrakat, is expected in early 2026.
THE COVE RESIDENCES
The first quarter of 2026 is expected to see the completion of The Cove Residences. As for the villas, it is worth noting that Lamda sold the plots and the construction is now the responsibility of their owners.
VOULIAGMENIS MALL
Construction works have already commenced at Vouliagmenis Mall and it is expected to be completed by the first quarter of 2027. Heads of Terms (HoT) have already been signed/agreed for 57% of the gross leasable area (GLA), with the goal of reaching 70% by the end of 2023.
The Mall will have a total area of 185,000 square meters (135,000 for retail, 25,000 for offices, and 30,000 for big boxes).
RIVIERA GALLERIA - MARINA
Riviera Galleria, where some of the biggest names in the world of fashion and dining will be hosted, will be ready in the first quarter of 2026. Heads of Terms (HoT) have already been signed/agreed for 36% of the gross leasable area (GLA), with the target for the end of the year set at 50%.
Furthermore, by the end of the year, demolitions will commence in the area where the Marina Hotel (a hotel along with branded residences) will be built in collaboration with TEMES, At the same time, Lamda Development will proceed with works in the marina, reducing the berths from 337 to 310, aiming to accommodate vessels with larger lengths and super yachts.
It is also worth noting that Orilina Properties has undertaken coastal residential and commercial developments next to Riviera Galleria, an investment totaling €70 million.
INFRASTRUCTURE WORKS
Regarding the ongoing infrastructure projects, significant progress has been made in the undergrounding of Poseidonos Avenue (70% of the project has been completed). Major infrastructure projects, such as soil decontamination with an expected completion date by the end of 2023, and the Trachonos Creek (flood protection works), where 60% of the excavations have already been completed.
Additionally, the construction of the sports facilities and the development of the 1-kilometer coastal front are expected to be completed by 2026. Mr. Athanasiou estimates that about 35% of the park will be completed.
LITTLE ATHENS
Special emphasis was also given to Little Athens, the latest residential neighborhood in the large redevelopment project in Hellinikon. It will primarily consist of residences, but also include offices, retail shops, food stores, as well as wellness spaces.
The residences will range from one to five bedrooms, starting at 70 square meters. Most buildings in the neighborhood will reach up to 20 meters, while some taller ones up to 50 meters will also be constructed, offering views of the park and the sea.
BEGINNING WITH 459 APARTMENTS
The commencement will involve the immediate availability of 459 apartments.
• The first 30 units of the residential complex Park Rise, designed by the internationally acclaimed architectural studio Bjarke Ingels Group, were already made available last summer, with an additional 40 units to follow by the end of the year.
The development will host 88 luxury residences.
• The second neighborhood, a complex of 7 buildings with ground-floor shops, is designed by the architectural firm 314.
Out of a total of 156 residences, 58 are expected to be put up for sale in the next two months.
• For another complex of 9 buildings, also designed by the same firm, featuring distinctive rounded balconies and a unified ground-floor pergola, 30 apartments are expected to be put up for sale by the end of the year out of a total of 79.
• Regarding a residential complex designed by the architectural firm Deda, 20 residences out of a total of 56 are expected to be put up for sale in the next two months.
• In another building complex – designed by the Tsolakis architectural firm – 30 apartments will be available for sale in the next two months out of a total of 80.
