Ellinikon Redevelopment Advances: Key Projects on Track

The ambitious redevelopment of the Ellinikon coastal front on the Athens Riviera is progressing in line with the announced timeline, according to Lamda Development’s management.

One of the key components, the Riviera Galleria in the Agios Kosmas area, is projected to be completed by late 2026, with an official opening expected in mid-2027. Spanning 17,000 square meters, the shopping center has already leased out 75% of its space, with an average rental price of 85 euros per square meter.

Meanwhile, residential developments within the Ellinikon project are also set to unfold between 2026 and 2028. The 200-meter Riviera Tower, developed by Bouygues, is scheduled for delivery in the summer of 2027. Demand for residential units has exceeded expectations, with sales prices surpassing initial projections.

Regarding the Ellinikon Mall (formerly Vouliagmenis Mall), construction is slated to commence in 2025, with completion expected by 2028. Unlike the Riviera Galleria, this mall will feature larger retail spaces, resulting in an average rental price of 52 euros per square meter.

So far, Heads of Terms (HoT) agreements have been reached with tenants for 63.5% of the mall’s Gross Leasable Area (GLA).

For 2024, Lamda Development anticipates a capital expenditure of 500 million euros, primarily for the Riviera Galleria and Ellinikon Mall. Looking further ahead, an additional 1.2 billion euros will be required for 2026, 2027, and possibly 2028.

Including the projected expenditures for 2025, the total capital investment for the Ellinikon project is estimated to reach 2.3 billion euros.

As Greece’s largest urban redevelopment project, the Ellinikon transformation is anticipated to reshape the Athenian coastline, introducing state-of-the-art commercial, residential, and leisure spaces while attracting significant investment into the region.

Source: tovima.com