The Ellinikon is delivering on key milestones amid residential sales, global investment, and commercial leasing velocity
ATHENS, Greece, March 27, 2024 /PRNewswire/ -- Lamda Development is pleased to announce that works are rapidly progressing at The Ellinikon, Europe's largest urban regeneration project and a 15-minute, smart, green coastline city being built from the ground up in Athens. With views of the blue of the Aegean Sea and breathtaking sunsets, this new world-class destination is expected to attract at least one million new tourists.
As Phase I advances well into its construction and development stage, significant progress has been made this year amid global demand from more than 50 countries. The projects due for Phase I completion include the largest part of the commercial developments, the regeneration of the Coastal Front and Agios Kosmas Marina, a large part of The Ellinikon Park, and approximately 1,500 units of residential development. Upon completion, Phase I is expected to generate approximately €3.3 billion of cash proceeds.
Lamda is also proud to have delivered the Care Centre for People with Disabilities earlier this year to the neighboring municipalities. This state-of-the-art facility is already operational, housing four associations within its 11,500 square meters. This is the first building to be developed by Lamda at The Ellinikon and was delivered on schedule-an occasion commemorated by an October visit from the Greek Prime Minister, who delivered remarks about the project's significance.
Residential
The Riviera Tower-The Ellinikon's crown jewel-will be the tallest skyscraper in the country and the tallest green seafront high rise on the Mediterranean. Its main works contract is awarded to the Bouygues Batiment International-INTRAKAT Joint Venture. The completion of the building's raft foundation was achieved through a 40-hour process of continuous concrete casting, the longest such process in Greek history. Hill International has been appointed as the project's construction supervisor.
Meanwhile, the Cove Residences received building permits for all four blocks in early 2023. Site mobilization, demolition, and excavation took place throughout 2023, while the construction of the concrete frame for the project has already commenced. Hill International has been appointed as the project management consultant.
Following the successful sale and marketing of more than 350 coastal front residential units, Lamda recently announced Little Athens, an exciting new neighborhood bringing approximately 1,115 residences and 110 neighborhood retail units to The Ellinikon's smart urban ecosystem. As part of this, Lamda unveiled Park Rise, a 12-story, 50 meter-high, 88-residence building designed by globally renowned architecture firm Bjarke Ingels Group.
Additionally, Lamda has announced the Pavilion Terraces, a development of seven six-story residential buildings, four of which will also feature ground-floor retail. Designed by Greek architectural firm 314 Architecture Studio, the project will bring 156 one- to five-bedroom residences.
Lamda has also recently announced three new five-story developments within Little Athens, all featuring one-to four-bedroom residences with dynamic indoor-outdoor designs aligned with the neighborhood. The new properties include Promenade Heights, designed by 314 Architecture Studio and comprising 79 apartments; Atrium Gardens, designed by Deda & Architects and comprising 56 apartments and seven retail units; and Trinity Gardens, designed by Tsolakis Architects and comprising 80 apartments. The projects are targeting completion in Q4 2026.
Shopping and Leisure Destinations
Preliminary works commenced in 2023 for The Ellinikon Mall, a groundbreaking retail and entertainment destination. Throughout its advanced infrastructure, the mall will offer high-end design and a curated selection of leading Greek and international brands.
Excavation and concrete work also commenced in July 2023 on facilities at The Ellinikon's Sports Park.
Infrastructure
Significant progress has been made on The Ellinikon's infrastructure. At the Poseidonos Underpass, which will unite The Ellinikon's coastal front with its urban core, more than 70% of the total volume has been excavated with nearly 40% concreted.
Regarding site remediation, more than 1,000 cubic meters of underground water and more than 6,000 tons of soil have been treated on site. Additionally, 5.5 km of old fuel pipelines have been removed and tree transplants are in progress.
The Ellinikon will also be protected from many effects of climate change-such as flooding-through the Trachones stream, a pioneering project and part of the city's strong flood protection system. 60% of the excavation for the flood protection systems have been completed this year, while 88% of the excavation work and 65% of the concreting work of the central rainwater collectors have also been completed.
2024 Project Updates
Lamda and its contractors are working diligently to bring The Ellinikon to life, with exciting progress planned for 2024, including:
- Construction of the Riviera Galleria, an ultra-high-end retail and leisure development
- Regeneration of the 3-km coastal front, including the 1.5-km long public beach
- Development of The Ellinikon Park, the world's largest coastal park, as well as open public areas
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