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Elliniko: The undergrounding project of Poseidonos Avenue has begun – How is the Marina Tower progressing

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Η επένδυση στο Ελληνικό - Πηγή: Lamda Development
Πηγή: Lamda Development

The project for the utilization of Elliniko by Lamda Development proceeds with secured funding. As stated by the head of the company, Odysseas Athanassiou, at yesterday’s presentation of “The Hellenicon Experience Center”, AVAX is already on the property, which is the company with which the contracts for the infrastructure projects have been signed. 

The first project which has already started is the undergrounding of Poseidon Avenue with the technical company having started the excavations for the first 200 meters. The emblematic project will replace part of the current Avenue in order for it to unite the coastal front with the rest of the area of ​​Elliniko.

The undergrounding begins from the area of ​​Alimos after entering the property and emerges again above the ground  at the area of the Marina of Agios Kosmas. The rest of the infrastructure projects will be in full swing in the summer in order to catch the deadlines that have been set and to proceed with the construction of the buildings.

INTRACAT is close on undertaking the construction

However, we also have developments in the field of projects for Marina Tower. As Mr. Athanassiou noted, a tender for the foundation of the tower begins while in October the excavations for the relevant project will begin. The main works for the construction of the building will begin during March 2023 and will last until 2026 where it is estimated that it will be operational. 

Regarding the construction of the building, it seems that the INTRAKAT-BOUYGUES duo (who currently have the role of consultant) is getting closer in undertaking the project as the head of Lamda stated tha  a very good relationship does exist and it is possible that they will take over the big building project.

How is the cost increase in materials handled 

However, an important reference was made on the hot topic of the rather increased cost of construction materials. In this, Mr. Athanassiou was reassuring as he stressed that they are monitoring the situation knowing that at this time the prices of many materials are very high. He clarified that the agreements are made at a predetermined price, but in cases where it is clear that there are shortcomings due to causes such as unrestrained price increases, then a joint compromise solution is attempted.

In relation to the apparent lack of staff in the constructions, Mr. Athanassiou revealed that successive tenders are held in order to secure agreements as soon as possible in order to ensure that the materialisations of the projects will be smooth and without problems.

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According to Mr. Athanassiou, the capital adequacy for the projects is important, as to date, as he said, there are 1 billion euros available (from the bond and the share capital increase), in addition to 1.1 billion euros from bank loans, while it is estimated that there will be an additional 300 million euros from home pre-sales until the first half of 2023. Asked about the issuance of a new bond, he noted that how they will move to a new bond issue this year or 2023 which will depend on the general conditions in the markets, as we want to utilize the best possible way the fund management of the project.

The emergence of streams

The biggest environmental intervention in the area of ​​Elliniko, is undoubtedly the highlighting of the streams that existed in the area and today are embanked. According to company representatives, the goal is that by 2024 all the streams that existed in the area in 1880, will emerge to the surface once again. 

Their final use will be combined with the creation of the Metropolitan Park which will create a natural micro-climate in the area of ​​Elliniko. However, the picture from the model located in the Visitor Center, gives an impressive example of how all the streams in Attica could function as an addition to the image of the city.

The most important of all is the Trachonon Stream which is the largest. The process of its highlighting has been studied and will be one of the dominant aquatic elements in the whole area of ​​Elliniko. With the flow of the streams, there will be better management of flood phenomena for which Lamda has provided for already through advanced systems that will deal with them when necessary. 

The impressive Ellinikon Experience Center

Particularly impressive is the Visitor Center, The Ellinikon Experience Center. It is located in Elliniko in the area of ​​Experience Park and is open to visitors. In fact, it has been noted that it is the largest in the world of its kind, while it was designed by several Greek and foreign architects. Its construction took about a year and many difficulties such as the lack of materials had to be dealt with. Within the site there are showcases of houses, the park and many interactive explorations.

Through natural and technological exhibits and digital activities, the visitors of the Center can “discover in depth the great project of the regeneration of Elliniko and travel today into the future, in a sustainable, smart and innovative city. Through five thematic zones with impressive facilities and first hand experiences, the rich history of Elliniko and the ambitious plans of the largest urban regeneration in Europe are revealed. The historical landmarks and emblematic works that compose the pioneering design of The Ellinikon “come to life” in front of the eyes of the visitors in an impressive, interactive model “.

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