Approximately 150 apartments will be built on the 15.9-acre property with a building factor of 1.8 and a gross permitted building area of approximately 28,699 sq.m. The area is adjacent to the OT in which Park Rise will be built with 88 residences designed by Bjarke Ingels Group (BIG).
The two sides, namely Lamda Development and Xeris Ventures (Spyros Latsis' interests) proceeded to establish a new company with a share capital of €44.5 million. Mr. Latsis 80%, i.e. €35.6 million.
Pursuant to the agreement of last May in said SPV, the Property will be sold in order to develop a residential building for rent. Including the cost of the land, the total investment is estimated to amount to €225m.
From the total amount of €44.5m, an amount of €33m will be paid by the SPV as the purchase price for the acquisition of the Property, and an amount of €11.5m, plus VAT, related to the corresponding infrastructure costs.
The neighborhood
The Little Athens neighborhood is located next to the park and the beach, offers high-end residences, and is designed by the famous architectural office Bjarke Ingels Group (BIG) and Greek architects such as the 314 (Pavilion Terraces & Promenade Heights) architectural office Deda & Architects (Atrium Gardens) and Tsolakis Architects (Trinity Gardens) In addition, shops, restaurants and leisure services are planned for the neighborhood.
The first five housing estates Pavilion Terraces, Promenade Heights, Atrium Gardens, and Trinity Gardens comprise a total of 459 homes, most of which have been agreed to sell with advance proceeds reaching €29m and an average sale price of to amount to €7,600 per square meter.
