The Ellinikon: works for the 5 new residential buildings in full progress

Most projects in the first phase of development for The Ellinikon by Lamda Development are in full progress.

Specifically, both the infrastructure projects and major building developments are underway. A new addition to the works is the Little Athens area, where five projects are in their initial stages.

Specifically, for Little Athens, there are five developments.

Park Rise, designed by the architects Bjarke Ingels Group (BIG), is a 12-story building with 88 apartments. Excavation has been completed, and foundation work is beginning. The construction is being carried out by ERETBO.

Mainstream Poseidonos Pavilion Terraces, featuring seven six-story buildings with 156 apartments. Demolition of existing structures was completed in the summer, and excavation began in September.

Promenade Heights, designed by 314 Architecture Studio, consists of nine buildings with 4-5 stories and 79 apartments. Excavations have been completed, and initial foundation work began in August. The construction is being handled by LD Construction Business Unit (CBU).

Atrium Gardens, designed by Deda & Architects, comprises four five-story buildings with 56 apartments. Excavation has been completed, and the initial foundation work began in September.

Trinity Gardens, designed by Tsolakis Architects, includes three five-story buildings with 80 apartments. Excavation has been completed, and initial foundation work began in September.

In total, the five projects comprise 24 buildings with 459 apartments, with total sales reaching €440 million to date and pre-sales amounting to €318 million. The Project Manager is Hill International.

Riviera Tower

Work on the Riviera Tower is progressing, with construction reaching the 13th floor. The goal is to have the first 20 floors completed by the first half of 2025. The project is expected to be fully completed by the end of 2026.

The architects are Foster + Partners, with Hill International as the Project Manager, and the construction is being carried out by the Bouygues–Intrakat partnership.

It is worth noting that the building’s foundation work began in October 2023 with a coordinated operation over a single weekend. This impressive effort involved multiple concrete pumps and the pouring of 7,400 cubic meters of concrete, supported by 2,000 tons of steel reinforcement, setting a unique new record in building construction in Greece.

The remaining projects

The projects for the buildings along the coastal front of Agios Kosmas are progressing, including The Cove Residences and The Cove Villas.

For The Cove Residences, the structural framework of the four buildings is advancing. The architects are Bobotis / ISV, the Project Manager is Hill International, and the construction is being carried out by ETHNOKAT.

The Sports Facilities are the most advanced project, with concrete work and civil engineering progressing for the three main buildings. Hill International is the Project Manager, and the construction is being carried out by the METKA-INTRAKAT (AKTOR Group) partnership.

The Poseidonos Avenue undergrounding project has reached 83% completion in excavation and 71% in concrete work. Hill International serves as the Project Manager, with AVAX as the contractor.

At The Ellinikon Mall, work is progressing on the underground access leading to the future parking and building facilities, with excavation 90% complete and concrete work at 32%. The architects are AEDAS, the project is managed by the Mace–Jacobs partnership, and preliminary works are being handled by AKTOR.

At the Riviera Galleria, work began in July with demolitions, and approximately 15% of the excavation has been completed. The architects are Kengo Kuma / BETAPLAN, with Hill International as the Project Manager, and construction is being carried out by METKA.

The flood control projects for managing the Trachones stream are nearing completion, with excavation currently at 96% and concrete work at 86%.

Meanwhile, Lamda Development sold five plots through a competitive process to Brook Lane Capital, TEN BRINKE, and the Greek companies Hellenic Ergon and Daedalus Development. The plots, located near Vouliagmenis Avenue, were sold at an average price of €2,100 per square meter, with a total value of €106 million and a maximum buildable area of 51,000 square meters.

In terms of financial performance, The Ellinikon has maintained continuous operational profitability. Total revenues from property sales reached €967 million by the end of October, of which €668 million relate to residential projects. So far this year, revenues have amounted to €488 million, with €255 million from residential sales. Cash collections have reached €639 million, with €300 million from the Riviera Tower, €201 million from The Cove Villas, €93 million from The Cove Residences, and €45 million from Little Athens.

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