The Ellinikon: construction for the new Riviera Galleria mall will commence in 2024

The selection of the contractor for the construction project of the Riviera Galleria, the coastal mall developed by Lamda Development in Elliniko, in the Marina area of Agios Kosmas, is now a matter of time.

As revealed by the competition process, METKA, TERNA, and the AKTOR-INTRAKAT alliance are the three entities that have submitted their bids and are awaiting the decision of Lamda Development. It is yet another major construction project set to commence in 2024 in the Elliniko investment area.

The goal is to initiate the construction works by selecting the contractor, aiming for a start within 2024. The project is estimated to last for 2.5-3 years.

The construction of Riviera Galleria along with Vouliagmenis Mall presents a capital expenditure (capex) reaching 665 million euros, and the total cost of the two developments is expected to exceed 1 billion euros. This places their construction among the most expensive building projects in Greece.

The aim of the Riviera Galleria construction in Elliniko is to achieve LEED Gold certification. It’s worth noting that the building permit for the construction has already been issued in August of last year. The architectural design is attributed to the internationally recognized firm Kengo Kuma and Associates, with Greek participation from BETAPLAN.

Funding for the construction of Riviera Galleria includes equity capital of 271 million euros, bank financing totaling 575 million euros, and an estimated 206 million euros from the proceeds of leasing 25,000 square meters of office space in the Vouliagmenis Mall building. Additionally, funding is anticipated from the future IPO of Lamda Malls.

What will the investment for Riviera Galleria include?

The project consists of three (3) separate buildings with commercial stores, service providers, and recreational spaces, and a fourth loading/unloading building, which is implemented as part of the development of the Elliniko-Agios Kosmas Metropolitan Hub.

The main uses selected are those of commerce, service provision, and recreation, developed across three levels:

-the ground floor level of the main buildings, with a height of approximately 6 meters, which will primarily house commercial stores,
-the first-floor level of the main buildings, with a height of approximately 6 meters, where mainly dining and recreational spaces are developed, and
-the basement level of the buildings, which will accommodate the necessary auxiliary facilities for the operation of the three buildings (electromechanical equipment and storage spaces).

• Building Facilities: Three (3) separate building facilities, with a total area (including the basement) of 41,007.61 m2
• Parking Area: A suitable parking area will be arranged, providing 966 spaces for passenger vehicles north-northeast of the building facilities. The parking area design includes numerous plantings among the spaces and in the shelters, aiming to adapt the area to the project’s surrounding environment. It will include 48 parking spaces for people with disabilities, as well as parking and charging stations for electric vehicles.
• Loading Dock Building: A space for the loading and unloading of raw materials and waste, properly configured to accommodate the appropriate vehicles.
• Surrounding Area, which is shaped by visitor reception areas, planted areas, promenades along the seaside, event squares, etc.

The key parameters considered during the architectural design of the projects relate to the following characteristics:

• Arrangement into 3 building volumes.
•  966 parking spaces in an outdoor area.
• Shaping of outdoor public spaces.
• Covered pathways.
• Rooftop spaces with a sea view.
• Two-story buildings.
• Suitable visibility of front and rear sections of the buildings.
• High sustainability, health, and well-being standards.
• Memorable landmarks in the reception areas.
• Event and activity areas.
• Flexibility in the layout of the design.
• Commercial development and timelessness.
• Connectivity with adjacent arrangements.
• Safety and hygiene.
• Adaptation of Building C for the creation of specialized rental spaces.
• Introduction of additional kitchen spaces on the ground floor.

In total, it is estimated that approximately four hundred (400) employees will be employed, with 15 for administrative staff, 85 for operational personnel, and 300 for employees working in the Riviera Galleria stores.