The Ellinikon: 2024 is a milestone for the big projects of Phase 1 – Which projects are about to commence

The year 2024 holds great expectations for the project in the Ellinikon region for Lamda Development and its Phase 1 projects. While two significant projects, the Riviera Tower and IRC (by GEK TERNA-HARD ROCK), were initiated in 2023, this year marks the commencement of all major construction projects related to the first phase of the initiative.

The major ventures include commencing projects for the Vouliagmenis Mall, Riviera Galleria, the Mixed-Use Tower, the retail park, the Little Athens neighbourhood, cove residences, coastal villas, the hotel by TEMES in the Marina of Agios Kosmas, sports facilities, projects for the Metropolitan Park, and others.

Preparations for all the aforementioned projects have been made, either through competitions or preparatory measures. It is evident that Lamda aspires to be the major player in the country’s construction industry this year. If we combine all these projects, we can conclude that they involve constructions exceeding 1.5 billion euros in value. Adding infrastructure projects and the Riviera Tower, we are led to a calculated amount reaching 2.1 billion euros.

What is the progress status so far?

Firstly, we have the infrastructure project, which includes the underground development of Vouliagmenis Avenue, the revitalization and creation of the new beach in Agios Kosmas, flood prevention works, networks, roads, communal spaces, etc. The projects are progressing at a steady pace by AVAX, and by 2024, we will see them maturing, with gradual delivery expected in 2025.

The construction of the Riviera Tower is progressing beyond the foundation stage, with the erection of the first floors underway under the collaboration of INTRAKAT-BOUYGUES. Completion is expected in 2026. Construction has also commenced for the IRC, an integrated tourist complex with a casino located across from the Marina of Agios Kosmas. TERNA anticipates completing the projects by the end of 2026.

Following that, there are several ongoing tenders. The construction of the Riviera Galleria is in the final stages of contractor selection, with TERNA, METKA, and INTRAKAT-AKTOR participating. Similarly, for the Vouliagmenis Mall, the likely consortium is Avax-Rizzani. Preliminary activities for site preparation have been underway since the fall, and it is estimated that the actual construction for these projects will commence in the summer.

The contractor for the sports facilities is the consortium of INTRAKAT-METKA. The projects are expected to commence in the coming period. Further developments are anticipated in the competition for the Commercial Hub, awaiting the announcement of the contractor. Participants in the competition include GEK TERNA-ACC, Avax-Rizzani, and Aktor-MAN.

Preliminary works have commenced by AKTOR for the property where the Retail Park will be constructed. However, the construction works by Trade Estates are estimated to begin in the second half of 2025, with the expectation of operation by mid-2027.

Concurrently, in the first phase, the construction of the coastal hotel by TEMES, located at the Marina of Agios Kosmas, is expected to commence. Additionally, there will be a second beachfront hotel on the western side, again in Agios Kosmas, along with the hospital and educational centre situated on the eastern side, in the area of Glyfada. Finally, the construction of residential homes is envisaged in the western part of the investment, specifically in contact with the Municipality of Alimos, known as Little Athens (it will include approximately 1,115 residences and 115 shops), as well as villas and cove residences.

The goal is a “smart” and green city

Lamda Development’s goal is the creation of a smart and green city in Elliniko, not only through the first-phase projects but comprehensively across all three phases of the initiative. The aim is to serve as an example for other similar large urban interventions both within and beyond borders. Technologies such as the Internet of Things (IoT) are utilized to transform all buildings and infrastructure into smart ones, enhancing the daily lives of residents and contributing to resource conservation. Simultaneously, next-generation networks like 5G and optical fibers will provide seamless, high-speed connectivity. Every commercial and residential development in the new city of Elliniko will be equipped with systems ensuring energy efficiency and a reduction in environmental impact.

An essential element is the creation of the Metropolitan Park of Elliniko, covering an area of 2,000 acres. It will serve as a landmark for Athens, as its size will increase the city’s overall green space. Simultaneously, it will become the first “smart” park in Greece, incorporating solutions for visitor safety and the preservation of the natural environment. These solutions include, among others, lighting systems that adjust intensity based on the season and time of day, as well as systems for continuous monitoring of environmental conditions, energy conservation, and water efficiency.

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