The Ellinikon: new underground section of Posidonos Avenue to be ready by the end of 2024

The creation of the new city of Elliniko, a new global model of urban regeneration, is getting closer every day, says the managing director of Lamda Development Odysseas Athanasiou, on the occasion of the inauguration of a new way of communication that includes an interactive website as well as newsletters, with the aim , as he points out “to share together, with absolute transparency, the progress, the challenges but also the successes that give us the strength to move forward”. Indicatively, Mr. Athanasiou, in the introductory note of the newsletter, refers to some of the projects that are currently underway, starting with the foundation of the first residential “green” skyscraper and the building that will house the 4 associations for disabled people and which will be delivered early autumn and many other infrastructure projects, prominently the undergrounding of Poseidonos Av.

Click here to see a video of the progress of the Poseidon Avenue undergrounding project

“In order to reach this day and the construction stage of the above projects, dozens of tenders have taken place, hundreds of studies have been completed, building permits have been issued and new jobs are being created every day. The protection of the environment, the reduction of the energy footprint, alternative energy sources, new technologies and accessibility for all are fundamental priorities”, says the managing director of Lamda Development.

A first taste of the future, as Mr. Athanasiou mentions, is offered by the Experience Center to those who visit it, while the Experience Park, the first part of the 2,000-acre park, exceeded 1 million visitors in just its first year of operation.

In particular, the new method of communication provides detailed information on the progress of the projects, the schedules with accompanying videos and photos.

For the Riviera Tower, the residential tower, among other things it is reported that it is now at the beginning of the construction cycle and more specifically of its foundation work. Work has already begun by the Bouygues – Intrakat joint venture. The foundation system is made with an innovative method applied for the first time in Greece and consists of 300 piles with a diameter of 1 – 1.5 m at depths ranging from 35-50 m.

At the same time, the construction of a partition wall with a perimeter of 520 m and a depth of 15 m is in progress, so that during the works the excavation of the basements is protected from the water table. Completion of the first part of the work – the foundation in the floor plan section of the tower – will take place within the second quarter of 2023. The building has already received LEED Gold sustainable development assessment pre-certification, an element that, in addition to contributing to climate protection, further enhances its commercial value.

Regarding the building complex for disabled people, it should be noted that this is the first building development of Elliniko, which consists of a total of 4 building units, with a total area of 11,500 sq.m., which will be completed and handed over in early autumn 2023. The project will serve the needs of more than 300 of our fellow citizens with disabilities. The design follows the latest sustainable design practices by incorporating renewable energy systems.

The green building complex has a surrounding area of a total area of 3,000 sq.m. where there will be educational and recreational gardens. The total budget of the project amounts to 15 million euros and was covered exclusively by LAMDA Development as it is part of its social contribution and strategic corporate social responsibility

For the infrastructure projects, and in particular for the undergrounding of part of Poseidonos Avenue, it is reported that it is the largest infrastructure project of the Elliniko project, of critical importance for traffic on Poseidonos Avenue and for the unification of the beach front with the large park of Elliniko. Excavations by the AVAX company are progressing rapidly for the construction of a 1.5 km long underground route in each direction, with three traffic lanes in each direction. The tunnel, which will be one of the most modern in Europe, will be delivered in December 2024. At the same time, all the necessary studies have been launched to minimize the traffic burden on the existing Poseidonos Avenue in terms of quantity and time.

Project funding – project development proceeds smoothly regardless of financial conditions

As noted, among others, the Elliniko project is the largest private investment in Greece. LAMDA Development has already fully secured the financing of the first phase of the development (2022 – 2026) so that the development of the project can proceed smoothly regardless of economic conditions.

More specifically, LAMDA Development has already raised €650 million from the Equity Capital Increase in December 2019 and an additional €550 million from two bonds (July 2020 and July 2022). In addition, the basic business terms of the syndicated bank loan (Eurobank, Piraeus Bank, Alpha Bank) in the amount of 1.16 billion euros in April 2021 have already been agreed with Greek banks. Also, the ever-increasing interest of buyers and investors already ensures additional revenue for the project. A fact that leads to a reduction in Ellinikon’s borrowing needs.

Source: AMPE