Athens, Greece, March 27, 2024 (ots/PRNewswire) – The Ellinikon project of the century in Athens is reaching important stages in terms of real estate sales, global investments and commercial leasing.
Lamda Development is pleased to announce that work is progressing rapidly on Ellinikon, Europe’s largest urban renewal project and smart, sustainable coastal city being built from the ground up in Athens.
With beautiful views of the deep blue Aegean Sea and breathtaking sunsets, this new world-class destination is expected to attract at least a million new tourists.
With Stage I of the construction and development phase well advanced, significant developments have been achieved this year in response to global demand from more than 50 countries. The projects to be completed in Stage I include the majority of commercial building developments, the renewal of the coastal frontage and Agios Kosmas marina, a large part of Ellinikon Park and approximately 1500 residential units. After completing Stage I, revenue of around 3.3 billion euros is currently expected.
Lamda is also proud to have handed over the care center for people with disabilities to the neighboring communities of Ellinikon this year. This state-of-the-art facility is already in operation and houses four clubs in an area of 11,500 square meters. It is the first building developed by Lamda on the Ellinikon site to be completed on time – an occasion that was celebrated in October with a visit from the Greek Prime Minister, who commented on the great importance of the project.
Reside
The “Riviera Tower” – the crown jewel of Ellinikon – will be the tallest skyscraper in the country and the tallest sustainable high-rise on the Mediterranean. The main contract for the construction work will be awarded to the Bouygues Batiment International-INTRAKAT joint venture. Completion of the building’s raft foundation took place in a 40-hour continuous concrete pouring process, the longest in Greek history. Hill International was appointed to oversee the construction of the project.
Meanwhile, the “Cove Residences” received building permits for all four blocks in early 2023. Site mobilization, demolition and excavation took place during the year, while construction of the concrete frame for the project has already begun. Hill International was appointed as project management consultant.
Following the successful sale and marketing of more than 350 coastal residential units, Lamda recently announced “Little Athens,” an exciting new neighborhood that expands The Ellinikon’s smart urban ecosystem with approximately 1,115 apartments and 110 retail units. In this context, Lamda presented the “Park Rise residential tower”, a 12-story, 50 meter high building with 88 residential units designed by the world-renowned architectural firm Bjarke Ingels Group.
In addition, Lamda announced the construction of the Pavilion Terraces, a project with seven six-story residential buildings, four of which will also have retail outlets on the ground floor. Designed by Greek architecture firm 314 Architecture Studio, the building will contain 156 apartments with one to five bedrooms.
Lamda also recently announced three new five-story projects in Little Athens, all featuring one- to four-bedroom apartments with dynamic interior and exterior designs tailored to the neighborhood. The new properties include Promenade Heights, designed by 314 Architecture Studio and comprising 79 apartments, Atrium Gardens, designed by Deda & Architects and comprising 56 apartments and seven retail units, and Trinity Gardens, designed by Tsolakis Architects and comprising 80 includes apartments. The projects are scheduled to be completed in the fourth quarter of 2026.
Shopping and leisure destinations
In 2023, preparatory work began on Ellinikon Mall, a groundbreaking retail and entertainment center. With its modern infrastructure, the shopping center offers high quality design and a select selection of leading Greek and international brands.
Excavation and concrete work for the facilities in the Ellinikon sports park also began in July 2023.
Infrastructure
Significant progress has been made in Ellinikon’s infrastructure. In the case of the Poseidonos underpass, which will connect Ellinikon’s coastal front with the city center, more than 70% of the total volume has been excavated and almost 40% has been concreted.
As part of the site remediation, more than 1,000 cubic meters of groundwater and more than 6,000 tons of soil were treated on site. In addition, 5.5 km of old fuel lines have been removed and trees are continually being planted.
Ellinikon will also be protected from the many impacts of climate change – such as flooding – by the Trachones Stream, a pioneering project and part of the city’s strong flood protection system. 60% of the excavation work for the flood protection systems has been completed this year, while 88% of the excavation work and 65% of the concrete work for the central storm drains have also been completed.
2024 project updates
Lamda and its contractors are working diligently to bring Ellinikon to life. Exciting developments are planned for 2024, including:
- Construction of the Riviera Galleria, a world-class retail and leisure development
- Regeneration of 3km of coastal frontage, including 1.5km of public beach
- Development of Ellinikon Park, the largest coastal park in the world, as well as public open spaces
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Questions & Contact:
+1-212-257-1500; Relevance London: +44 (0)20 3868 8700; ellinikon@relevanceinternational.com
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