The Ellinikon: Three Contenders Battle for Greece’s Newest Mega-Mall at the Athens Riviera

TERNA, METKA, and AVAX are reportedly the candidates for constructing Greece’s newest and largest shopping mall.

The Ellinikon Mall, which initially started as a project estimated at €300-350 million, is now believed to exceed €500 million in cost. Since its design phase in 2021, prices have risen significantly, and Lamda Development itself has shifted its priorities.

It is worth noting that the preliminary works were undertaken by the AVAX-RIZZANI DI ECCHER consortium, while BOUYGUES also participated in the project’s design phase. However, in the final bidding process, both the French company and AKTOR GROUP did not take part. The three major construction firms ultimately decided to submit their bids independently, without partnering with a foreign company—at least at a corporate level.

The goal is to select the contractor by Easter. After that, all necessary studies must be completed, and the building permit must be obtained. As a result, the main construction works are expected to begin in 2026, with a projected completion timeline of approximately three years.

The large-scale building project will dominate the Vouliagmenis Avenue side and serve as a landmark for Lamda Development’s developments in the area. It will be approximately 50% larger than The Mall and directly connected to the Elliniko Metro station.

This will make it the third shopping mall in Greece to have a direct Metro connection, following The Mall (Neratziotissa station) and Metro Mall (Agios Dimitrios station).

In terms of cost, it will be the second-largest project after the Integrated Resort Casino (IRC), which is being developed by the Hard Rock-TERNA consortium. If TERNA is awarded the contract, it will oversee the construction of both mega-projects within the Elliniko development.

If AVAX is awarded the project, it will become the largest building project the company has undertaken, surpassing its similar project in Cyprus. It will also be its second major development in Elliniko, following the infrastructure works it has been managing since 2022.

On the other hand, if METKA secures the contract, it will significantly boost its backlog, increasing it by nearly 40% compared to its current level (around €1.3 billion). At the same time, it will solidify its position as the “queen” of mall construction, as it is already developing the Riviera Galleria.

Over the past year, METKA has dominated the building construction sector. In addition to Riviera Galleria, it is also constructing the Ikos Kissamos resort and has been awarded the contract for building 17 schools in Central Macedonia through a Public-Private Partnership (PPP).

The Building

The mall will have a total area of 185,000 square meters. Advanced digital technologies, artificial intelligence applications, and touch-sensor gadgets will be available to visitors, offering unique and immersive experiences. Sustainability and innovation are key features of its eco-friendly design.

The shopping center, along with the developments above it, will be LEED Gold certified—the first time a shopping mall in Greece has received this prestigious certification.

Designed by the renowned architectural firm AEDAS, The Ellinikon Mall Complex is envisioned as the mall of the future. It will house 280 stores and is expected to welcome 17 million visitors annually.

The mall’s total built-up area will be 129,424.64 square meters, spanning three ground levels and one additional floor. The building has been designed by AEDAS, a globally recognized architecture firm headquartered in Hong Kong.

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