The new neighborhood being built in Ellinikowith modern infrastructure and accessible to all is expected to be completed in the first phase in 2027. The targets for the individual urban regeneration projects for the first phase of Hellinikon until 2026 may be “aggressive”, but the development of the projects to date shows that we can achieve them to the greatest extent, pointed out the managing director of Lamda Development Odysseas Athanasiou.

Mr. Athanasiou, in a meeting with journalists as part of the briefing on the course of the project, referred in detail both to the important steps that allow for optimism about the development, as well as to its challenges.

“What we have achieved so far (competitions, studies, permits) are the most time-consuming parts of an urban regeneration project”, said Mr. Athanasiou, which now allows us to move forward with rapid steps.

The financing of the first phase, another important issue, is fully ensured so that the development of the project proceeds smoothly. He recalled that LAMDA Development has already raised €650 million from the December 2019 share capital increase and an additional €550 million from two bonds (of July 2020 and July 2022), while also the ever-increasing interest of buyers and investors ensures on an ongoing basis additional revenue for the project.

Speaking about the challenges of the Hellinikon project, but also of real estate development projects in Greece in general, Mr. Athanasiou referred, among other things, to the lack of labor force, emphasizing legislative interventions by the state that should be taken in the next few months, in order for labor force outside of Europe to be able to work in our country.

Mr. Athanasiou generally emphasized the main pillars of Hellinikon’s work, which are the protection of the environment, the reduction of the energy footprint, alternative energy sources, new technologies and accessibility for all.

Little Athens – The new neighborhood of Hellinikon – 1,115 residential properties and 115 retail properties

After the demand for first residential renovations that came up for sale (oplots for Villas, riviera Tower, the Cove Residences) to have now exceeded the offer by signing relevant agreements, another large residential project was announced.

Little Athens, the new neighborhood of Hellinikon, with prices lower than residential renovations mentioned above, with a time horizon for the completion of the first phase in 2027.

Specifically as announced, it is a new neighborhood in the heart of The Ellinikon, accessible to all designed to provide a modern lifestyle. It is a combination of high-rise and low-rise buildings designed by both Greek and international architects. Advantages of the new neighborhood are considered to be the proximity to the park and the beach, as well as the range of shops and activities to serve the daily needs of the residents.

In the first phase, 1,115 apartments (residential units) and 115 retail units (retail shops on the ground floors of buildings) will be built, in ten building blocks.

The development includes:

  • Park Rise with 50m, 12 and 8 storey buildings designed by Danish Bjarke Ingels. They include 88 apartments of 70 to 350 sq.m.
  • Development with 7 shop buildings and 156 apartments of 60 to 300 sq.m., signed by 314 Architects.
  • Complex of 9 buildings with 79 apartments characterized by round balconies, 60 to 200 sq.m., also designed by 314 Architects,
  • Complex of 56 apartments designed by Deda & Architects
  • 80-apartment complex (Tsolakis Architects)

Around 30 homes have already been put up for sale, with prices starting at 6,500 euros per square meter.

The construction cost for Lamda amounts to 4,500 euros per square meter apartment and selling prices start at 350,000 euros.

Individual projects – The disabled building is in operation – The projects are on schedule

Mr. Athanasiou also referred to individual projects that are in full development or have already been delivered by Lamda Development. Regarding the course of individual projects, information was also given during a tour of construction sites in Ellinikos by engineers responsible for the projects. In particular as pointed out:

  • The building for the disabled, the first building complex of the redevelopment, was already delivered for use at the beginning of autumn 2023. The model building at the European and international level, with an area of ​​11,500 sq.m. and a budget of 15 million euros, was covered exclusively by LAMDA Development as it is part of the social contribution and strategic corporate social responsibility, serving more than 300 people with disabilities and has housed 4 unions.
  • The project of undergrounding Poseidonos Avenue, 1.5 kilometers long, of which 1.1 kilometers is the underground section (one of the most modern tunnels in Europe) with 3 traffic lanes in each direction, is progressing according to the schedule at a very fast pace. 75% of the total volume has been excavated, 35% of the total volume has been concreted and the tunnel is due to be completed in 2025. In the summer of 2025 the project will be structurally completed and the planned tests will follow, so that these will also be completed to the end of the same year.
  • The Riviera Tower construction project, the first green coastal residential skyscraper in Greece with a height of 200 m and 50 floors, entered the next phase. The foundation of the building was completed, for which the most innovative internationally was applied. Until the end of 2023, the first floors of the Tower will be visible to passers-by from L. Posidonos.
  • The anti-flood works in the Trahonon stream, which is one of the key projects for the strong anti-flood protection of Hellinikon, while at the same time it will be a green recreation area, is in an advanced stage of excavation and the project is expected to be completed, according to the schedule, at the end of 2024 .
  • One of the largest transplants ever made in Greece is in full swing and is being implemented by Lamda Development in Elliniko. As has already been announced, this gigantic operation for the protection of the environment started in parallel with the construction works and concerns the protection and transplanting of more than 3,000 trees, which are located within the Elliniko construction site.
  • The adoption of construction practices in all regeneration projects that contribute to the circular economy is also in full progress, such as – among others – the large and unique for European levels soil and groundwater decontamination-remediation project. The amount of soil and groundwater is reused (e.g. for the needs of construction projects in Elliniko) further reducing the project’s environmental footprint. This process started in 2022 and will be completed within 2023. The energy needs of Hellinikon, as Mr. Athanasiou pointed out, will be fully covered by Renewable Energy Sources (RES) with actions and initiatives undertaken by Lamda.
  • Visitors to the Experience Park, the first part of the Elliniko Park with a total area of ​​2 million square meters that will cover one third of the total development of Elliniko and was given to the public on Christmas 2021 exceeded 2,000,000 citizens. The Park is also home to the Experience Centre, one of the largest and most technologically advanced visitor centers in the world, which includes an interactive exhibition that presents the innovations of Hellinikon’s work, with over 200,000 visitors.