€40M investment revives landmark Arsakeio Arcade in central Athens

The revitalised Arsakeio Arcade is set to open its doors in July, aiming to become a contemporary mixed-use destination for gastronomy, culture, retail and education in the heart of Athens.

The project represents one of the most significant private urban regeneration investments in the historic centre of the Greek capital in recent years. The total investment amounts to approximately €40 million, of which €22 million was contributed by Legendary Food, while a further €18 million was invested by businesses operating within the arcade. Alpha Bank supported the project’s financing, while CrediaBank financed the initiative promoting small and medium-sized Greek producers.

Through a 35-year lease agreement with the Philological Association “Parnassos”, Legendary Food has undertaken the redevelopment of approximately 13,000 of the building’s total 25,000 square metres in the Arsakeio complex, seeking to give new use to one of Athens’ most important neoclassical landmarks while preserving its historic and architectural character.

Targeting up to 10,000 visitors per day

The investors estimate that in its initial phase the new destination will attract between 8,000 and 10,000 visitors daily, leveraging the dynamics of an area that hosts thousands of workers and significant commercial and tourism activity.

Legendary Food’s shareholder structure includes Contner Holdings Ltd (controlled by the Oikonomou family), entrepreneur Evaggelos Kontzias, Peter Oikonomidis and Panos Triantafyllopoulos.

Presenting the project, Legendary Food CEO Panos Triantafyllopoulos described the investment as a “shock to the system” for Athens’ historic centre, stressing that the goal was not to create yet another shopping mall, but a space that highlights Greek production and reintegrates the Arsakeio Arcade into the city’s urban fabric.

A new ecosystem in central Athens

The new Arsakeio Arcade is structured around five core pillars—gastronomy, marketplace, culture, creation and education—forming an integrated ecosystem of activities.

The complex will host, among others, the Open University of the Philological Association, the historic Theatre of Art of Karolos Koun, the European Parliament’s Europa Experience (with free admission), retail stores, spaces dedicated to Greek creativity, and a broad programme of cultural events.

Particular emphasis is placed on gastronomy, with ten different food concepts and a market of Greek products featuring more than 4,000 SKUs from over 300 small producers across the country.

The communal table at the heart of the experience

At the centre of the arcade, beneath the iconic glass dome, a large circular communal table forms the architectural and functional focal point of the project.

Surrounding it are the dining areas, creating an internal “urban square” where visitors can choose from different culinary offerings and share a unified experience regardless of their selections. According to the creators, the aim is to revive the Mediterranean culture of gathering and shared dining as part of everyday urban life.

The experience will be complemented by a dedicated digital application enabling visitors to order from multiple food outlets through a single transaction and receive notifications when their order is ready, along with a designated pickup point for takeaway orders.

Respect for history, modern infrastructure

The restoration of the building—originally designed by architect Lysandros Kaftantzoglou and begun in 1846—was carried out with a focus on preserving its historical identity. Structural reinforcement involved more than 300,000 litres of cement injections, while all modern electromechanical systems were integrated without altering the building’s architectural features.

With its reopening, the Arsakeio Arcade seeks to reconnect Stadiou, Panepistimiou, Pesmazoglou and Arsaki streets, creating a new urban destination where entrepreneurship, Greek production, gastronomy and culture coexist within a historic building returning dynamically to the city’s everyday life.