With multiple projects in the materialization or tender phase, the opening ceremony was held for the large project of 8 billion euros related to the investment of Elliniko.

In the presence of the Prime Minister, Kyriakos Mitsotakis, as well as – online – the head of the Latsis group, Dr. Spyros Latsis, as well as other government ministers and important business figures from the country’s top companies, the opening whistle was officially given for the most important construction, investment, sporting, social and political venture of the last decades.

Lamda Development currently has two major projects underway, the infrastructure projects that AVAX has been carrying out for months and the building for the disabled. The first project essentially comes to give life to the Hellinikon property and to prepare the infrastructure for the large buildings and not just a project.

As it has been reported in the past, the 250 million euro projects include water and sewage networks, electricity, road networks and sidewalks, flood protection, the regeneration of Agios Kosmas beach as well as port works for the section that will be built in the first phase.

The flagship project for the project is the undergrounding of Poseidonos Avenue, a project estimated at around 50 million euros. The excavations for the creation of the tunnel have advanced quite a bit and the project is running at a fast pace and is expected to be completed in 2025.

The €15 million building for the disabled is also underway with the civil engineering works being carried out by EKTER. It is symbolically the first building project in Elliniko and is estimated to be completed in the Fall of 2023.

The first tenders are underway

Tenders are now underway for the emblematic buildings and open facilities of Hellinikon. For the Riviera Tower, the foundation tender is proceeding and then, in 2023, construction is expected to begin by the Bouygues-INTRAKAT scheme (although the undertaking of the project has not been officially announced, it is considered the most likely possibility).

The tender for the sports facilities is the next project that we will see implemented in the north-western part of Hellinikon. Offers were given on September 30 by GEK TERNA, AKTOR, AVAX and INTRAKAT-MYTILINEOS. The €120 million projects include an area of ​​approximately 300,000 square meters with a swimming center, indoor training facility, athletics, soccer facilities, team sports academies, open fields.

The new sports facilities in Elliniko also include athletes’ accommodation hostels with 272 beds (121 keys) in a two-story building.

Vouliagmenis Mall also goes on tender as the Early Contractor Involvement (ECI) starts on November 17. The process is similar to Riviera Tower, i.e. selection of consulting scheme and then construction. The amount of the investment is estimated at 350 million euros for the construction of the largest mall in the country.

As it has become known, the tender for the Riviera Galleria amounting to 250 million euros, the Metropolitan Park and others for the Commercial Hub etc. will follow.

At the same time, an independent investment of 1 billion euros is expected in 2023 for the construction of the integrated building complex for the casino in Elliniko. The GEK TERNA-HARD ROCK scheme has undertaken the project which is expected to be completed in 2026 like the other major investments of the first phase.

At the same time, tenders are expected for the villas in Agios Kosmas as well as the apartments. On the same wavelength is the investment of TEMES with the five-star hotel in Marina Agios Kosmas and the residences in the same area amounting to 300 million euros, the retail park etc.


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