The Ellinikon: construction is well underway at Athens Riviera’s multibillion project

The largest urban redevelopment project in Europe, undertaken in our country by LAMDA Development, is in full progress. Specifically, as mentioned in today’s third progress report on the project, the grand project in Ellinikon is becoming increasingly visible to everyone day by day.

The pace of the work is feverish, with more than 30 cranes operating daily on the construction site, visible from Poseidonos, Vouliagmenis, and the surrounding roads. In just a few months since the largest continuous concrete pouring ever done in Greece, the first floors of the Riviera Tower, the tallest skyscraper in the Mediterranean, are now clearly visible

Work is progressing intensively across the entire development area. The initial stages of constructing the residences on the coastal front are underway and visible, while following the completion of the massive soil decontamination project, the foundations for The Ellinikon Sports Park have been laid. This state-of-the-art Sports Center will be another gem of the new city of Ellinikon,” it is noted, among other things.

Simultaneously, an agreement was signed with Brook Lane for the development of the Mixed Use Tower in the Vouliagmenis Avenue area. Another significant agreement is the one signed with the Costeas-Geitonas Schools, which will develop and operate within Ellinikon, the CGS at the Ellinikon. This will be a model school offering both National and International Certified Curriculum Programs.

The value of what we are creating in Ellinikon is recognized by citizens, investors, and both Greek and international media. The greatest confirmation of this recognition is the fact that the prominent American magazine TIME, with its millions of readers, included LAMDA Development, the only Greek company, in its list of the 100 most influential companies worldwide for 2024. Every project we deliver is a model of a new way of life, a new proposal for a modern, green, and functional daily life. Together, we are embarking on this exciting journey of the new, modern, green city of Ellinikon. Every day, we get closer to and reach higher towards our goals for creating the largest urban redevelopment in Europe,” states LAMDA Development.

Specifically, regarding the progress of individual projects within the framework of urban redevelopment, the following details, among others, were made public:

Residential developments

The first floors of the Riviera Tower and the Cove Residences are visible from Poseidonos.

The first floors of the Riviera Tower are a reality. The tallest residential seaside skyscraper in the Mediterranean, distinguished by its green, environmentally friendly design and its breathtaking sea view, is taking shape.

Many cranes work daily, and a multitude of specialized engineers, designers, and technicians bring us closer to the completion of this modern and innovative, aesthetically pleasing building. There are 167 apartments in the Riviera Tower that have either been sold or have had deposits made for their purchase.

Visible from Poseidonos Avenue are the cranes working on The Cove Residences, where construction works are in full swing. The new 115 residences in Ellinikon bear the hallmark of the architectural firms Bobotis+Bobotis Architects and ISV Architects, and they have already been sold or have had deposits made for their purchase.

Both the Riviera Tower and the Cove Residences will be completed by 2026.

Regarding The Cove Villas, the necessary demolitions have been completed, building permits have been issued for 12 plots, and the process of issuing building permits for an additional 7 plots is underway.

The new neighborhood, Little Athens

Construction works have commenced for Little Athens, LAMDA’s modern proposal for residential and commercial developments, starting with excavations for Park Rise, the 50-meter-high, 12-story building designed by the internationally renowned architectural firm Bjarke Ingels Group (BIG). It will consist of 88 luxurious residences.

The new neighborhood in the city of Ellinikon, which will include a total of 1,115 residences and 115 spaces catering to the daily needs of the neighborhood, will be complemented by four new residential complexes: Pavillion Terraces and Promenade Heights by the architectural firm 314 Architecture Studio, Atrium Gardens by Deda & Architects, and Trinity Gardens by Tsolakis Architects. The aesthetically pleasing residences of Little Athens, with direct access to the sea and the park, are integrated into the sustainable and smart ecosystem of Ellinikon and are expected to be completed by the end of 2026, according to the plan of Phase A.

Little Athens embodies the concept of the “15-minute city,” where residents can have everything they need for their daily lives—entertainment, shopping, sports, and wellness—within just a 15-minute distance.

The Ellinikon: A “smart” city with “smart” homes

In addition to the impressive architectural signatures behind each residential and commercial development in The Ellinikon, what makes the homes in the new city unique are the “smart” management systems. The “Homes of the Future” will feature the appropriate infrastructure to offer unique services to their residents, such as central control and programming of all their household devices and optimizing their operation based on their needs and habits.

This way, resource consumption and environmental footprint will be minimized, ensuring a sustainable future for all. The “smart” technologies present in the state-of-the-art residences of Ellinikon are part of the unique living standard introduced by the new city. Beyond ease of mobility, the infrastructure will also be cutting-edge.

Internet of Things, AI analytics, optical fiber networks, and 5G provide added value to the daily lives of those living and working there, offering an unprecedented and upgraded experience for both residents and visitors of The Ellinikon.

Infrastructure projects

Poseidonos Avenue Undergrounding

One of the largest infrastructure projects underway due to the development of Ellinikon in the southern suburbs is the undergrounding project for part of Poseidonos Avenue. Construction works for one of the most modern tunnels in Europe are progressing rapidly, with excavations completed by 80% and concrete pouring by 60%.

Flood prevention projects

Climate Change Resilience: The city of Ellinikon and neighboring municipalities are already being fortified against the visible consequences of climate change, thanks to ongoing efforts to delineate the streams that have been trapped for decades beneath the former airport:

• Trachones Stream: Excavations are 95% complete, and concrete works are 65% finished.
• Airport Stream: Works to delineate the Airport or Evriali stream, as it was previously known, are currently in progress. The Trachones stream works within the airport area will be completed by 2024, while those for the Airport stream are expected to finish by 2025.

Sports facilities

The Ellinikon Sports Park projects are currently in progress.

Football fields, an open track, a throwing field, a wet field, basketball courts, and tennis courts. The construction works for the state-of-the-art Sports Center of Ellinikon, which will serve as an international landmark for sports, catering to athletes, clubs, associations, and federations from around the world, are progressing at a feverish pace.

So far, the foundation works for the athletes’ dormitory building and the new administration building of the football facility have been completed. The foundation works for the grandstand area of the track and field are currently in progress, along with the earthworks for the entire sports center.

The new sports facilities are expected to be open to the public by 2025, providing athletes with the opportunity to train in facilities of international standards and allowing the residents and visitors of Ellinikon to access a state-of-the-art sports center.

Commercial Developments

The Ellinikon Mall, also known as the Boulevard Vouliagmenis Mall.

In 2023, construction began on The Ellinikon Mall. Excavations have already been conducted to a depth of 8 meters on a 122-acre plot. This constitutes one of the largest foundation works in terms of area.

With advanced technologies and applications of artificial intelligence, the Mall of Grand Development in Greece will offer an unprecedented and multifaceted shopping, entertainment, and meeting experience to visitors of all ages from across Attica.

The project’s completion is anticipated by 2027, with commercial leases accounting for 70% of the GLA by 2023.

Furthermore, the informational note also states that 2023 marked the first profitable year in terms of operational results for the Greek project. This was achieved within a 2.5-year period from the acquisition of shares by LAMDA Development. Operational EBITDA profits amounted to €65 million, while total property sales revenues reached €641 million from the project’s inception until March 31, 2024.

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