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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