How does Elliniko transition to the next phase of redevelopment?

Passing through the stage of demolitions and preparatory works, and moving on to the construction of buildings and the creation of necessary infrastructure for major projects, Elliniko is ready to move to the next stage of its redevelopment, which is the first phase of Metropolitan Intervention expected to be completed by 2025-2026.

For the revitalization of Elliniko, the next milestone is set for 2026 when a prototype part will be created on a global scale, according to the management of Lamda Development.

The company is expected to soon announce the contractor selected to carry out the earthworks of Vouliagmenis Mall. Within the next two months, the contractors who will develop the park in Elliniko, the Riviera Galleria shopping center, and the mixed-use tower next to the large shopping center in Vouliagmenis, which will include a hotel and apartments, will be announced. Meanwhile, the skyscraper is ahead of the projected schedule, and construction works for Vouliagmenis Mall will commence in 2024.

The "green" Riviera Tower

At the beginning of the construction cycle, specifically the foundation works of the tallest "green" seaside residential skyscraper in the Mediterranean and the first in Greece, Lamda Development is involved. The works have already begun by the Bouygues-Intrakat consortium.

The new architectural landmark of unique significance and scope will have 50 floors and 180 apartments, all with unobstructed panoramic views. The design envisions a visually simple building with a significant presence of greenery and water elements that enhance its bioclimatic character.

When the construction of Riviera Tower is completed within a five-year timeframe, it will be one of the world's most "green" skyscrapers and a model of sustainable design, incorporating optimal environmental practices and the latest internationally recognized safety protocols.

Indeed, the building has already received pre-certification for LEED Gold sustainable development, a factor that enhances its commercial value in addition to its contribution to climate protection.

The mixed-use tower at the Commercial Hub

The Mixed Use Tower-MUT is a high-rise landmark building up to 200 meters above sea level, located on Poseidonos Avenue, with a €200 million investment. Lamda has announced a framework agreement with a company from the Brook Lane Capital group (an investment capital firm based in London). The two companies will develop this second tower in Elliniko, with a mixed area of 49,000 square meters, through a special-purpose company with ownership percentages of 30% and 70% respectively. The design has been entrusted to the international architectural firm AEDAS, while the management of the hotel and residences will be handled by a management company (hotel operator).

The mixed-use tower, which will include a luxury hotel, residences, and office spaces, is expected to be completed within the first five years of the project's development since it is part of the first phase of the Elliniko development.

The Riviera Galleria

According to Lamda Development's schedule, construction of the new Riviera Galleria is set to begin in the second half of 2023. The project consists of three separate buildings with commercial stores, service providers, and recreational spaces, as well as a fourth building for cargo handling, which is being implemented as part of the development of the Elliniko-Agios Kosmas Metropolitan Hub.

Main uses selected are those of commerce, services, and leisure, and they are developed on three levels. At the ground level of the main buildings, mainly commercial spaces for dining and leisure will be developed, as well as at the basement level, which will host the necessary auxiliary facilities for the operation of the three buildings (electromechanical equipment and storage spaces).

Vouliagmenis Mall: The largest shopping center in the country

Vouliagmenis Mall will be located on the upper side of the metropolitan park, with an entrance from Vouliagmenis Avenue, and will be developed on three ground levels and one floor, with a total area of 130,000 square meters.

Described by the company as the largest and most modern shopping center in Greece, it will host next-generation stores from popular Greek and international brands. For example, Attica Department Stores has already secured its own space in a shopping center that is expected to be 20% larger than The Mall Athens in Maroussi. It will also offer comprehensive dining, entertainment, and wellness options, including exhibitions, concerts, gyms, gaming corners, cinemas, and children's recreational areas that will operate even after the closing of the stores.

Explosive residential demand

The value from pre-sales of residential properties in the skyscraper, condos, and villas reaches 1.1 billion euros. This amount exceeds 1.4 billion euros if pre-sales and joint ventures are taken into account. The company had already collected 205 million euros by May 12, and by June 15, it reached 274 million euros. It is expected to surpass 400 million euros soon and reach 700 million euros by the end of the year, including certain land sales. The company has pre-sold 179 apartments in the skyscraper, 110 condos, and 27 villas, totaling more than 310 residential properties. Due to increased demand in the first phase of the Hellenikon development, another 1,000 homes will be added, bringing the total number of available residential properties in this first phase to 1,500.

By 2026, the marina, other residential developments, schools, healthcare facilities, and all the developments that will constitute a visitor-ready city will be completed. The second phase includes the construction of the remaining residential properties, approximately 7,000-8,000, and the remaining portion of the park.