As outlined in an announcement detailing the progress of the largest urban regeneration project in Europe, significant infrastructure initiatives underway throughout the development are advancing at an accelerated rate.
Specifically, the remediation of the soil and aquifer, flood mitigation through the rehabilitation of streams in Trachones and Evryali, as well as the landmark project of partially undergrounding Poseidonos Avenue, are all progressing expeditiously. "These initiatives, along with various ancillary infrastructure projects, play a crucial role in mitigating the risks posed by climate change to The Ellinikon and its surrounding areas," asserts the company, further emphasizing:
"Through our global marketing campaign, which targets major international airports, The Ellinikon has emerged as a key reference point and a new landmark for Greece. Millions of travelers across Europe, Asia, and the Americas are exposed to captivating visuals of the expansive Greek coastline, breathtaking sunsets, Europe’s largest coastal park, and architecturally sophisticated buildings. Collectively, these elements define The Ellinikon and encapsulate the essence of the modern urban environment we are creating."
The progress of key projects, as detailed in the memorandum, is as follows:
RIVIERA TOWER
The Riviera Tower, designed by the prestigious architectural firm Foster + Partners, is progressing at a rapid pace, with construction having reached the 12th floor. The tower is now visible from both Poseidonos Avenue and Vouliagmenis Avenue, as well as from Kareas. Upon completion, the Riviera Tower will stand as Greece’s first green residential skyscraper, setting a benchmark for sustainable, eco-friendly design in the next generation of high-rise architecture.
LITTLE ATHENS
Construction is advancing for the residential units in Little Athens, a contemporary residential and commercial district within The Ellinikon. Excavation works have been completed, and the foundations for buildings at Park Rise Promenade Heights, Atrium Gardens, and Trinity Gardens are underway, with construction of Pavilion Terraces having commenced in October. Sunset Groves, the latest addition to Little Athens, is a residential development designed by A&M Architects, offering exceptional modern architecture and a harmonious layout just steps from the beach and The Ellinikon Park.
The district will feature over 1,150 residential units, in addition to retail spaces that will provide both residents and visitors with all essential amenities, including shopping, entertainment, sports, and wellness facilities. Reservations for the apartments in Little Athens have exceeded expectations, with 45% of buyers being international investors, predominantly from Europe. This underscores the global appeal of The Ellinikon as a premier destination for investors and residents alike.
RIVIERA GALLERIA
METKA ATE is spearheading the construction of Riviera Galleria, a unique commercial center designed by the renowned architect Kengo Kuma. Upon completion, the project will significantly enhance the Athenian Riviera. The foundation work is progressing rapidly, with part of the concrete already laid as of December. As of October, Heads of Terms (HoT) agreements had been concluded with tenants for 69% of the total leasable area (GLA), reflecting strong demand for retail space in the development.
THE ELLINIKON SPORTS PARK
The construction of The Ellinikon’s state-of-the-art Sports Center is advancing at an accelerated pace. The center will incorporate a diverse array of sports facilities, including football, basketball, and tennis courts, a throwing track, and an open and wet track. The design also includes premium accommodation for athletes, ensuring that both professional and amateur sportspeople will have access to high-quality infrastructure. Spanning 287,000 square meters, the Sports and Wellness Center is positioned to become an international reference point for sports facilities. Concrete works, field shaping, stadium seating construction, and other key developments within the sports complex are currently in progress. The Sports Center will cater to athletes, sports clubs, associations, federations, and teams from both domestic and international markets, as well as to local residents who seek to engage in recreational and competitive sports.
New Strategic Partnerships
As outlined in the memorandum, LAMDA Development's vision for the creation of the new city has always been anchored in the pursuit of strategic partnerships with leading industry players. This approach aims to position The Ellinikon as a key driver of investment and economic growth. The addition of new partnerships continues to enhance the project’s value proposition.
An educational institution offering an international study program, alongside residential and office spaces, will be developed by SKITI ENTERPRISES COMPANY LIMITED, a company associated with the family of G. Prokopiou. The total transaction value of this collaboration amounts to 120 million euros, with the projected value of the overall development estimated at 500 million euros.
Residential developments will be undertaken by Brook Lane Capital, TENBRINKE, Hellenic Ergon, and Daedalus Development. These groups have acquired five land parcels (located near the Commercial Hub and The Ellinikon Mall) for a total consideration of 106 million euros, equating to a land price of 2,100 euros per square meter.
The Retail Park at the Commercial Hub, which will feature The Ellinikon Mall—Greece’s largest and most modern shopping center—will be developed by TRADE ESTATES, a member of the FOURLIS Group. The executed preliminary agreement formalizes the initial memorandum of cooperation between the two parties. The total estimated investment for the project is 75 million euros, with the transaction value amounting to 31 million euros. The Retail Park will include large-format retail stores ("Big Boxes") housing international tenants, such as IKEA, thus contributing to the creation of a cutting-edge, next-generation shopping destination at Elliniko.
Financial Performance
The announcement also highlights the significant financial milestones achieved by The Ellinikon over the past nine months, with the project reaching operating profitability for the first time in December 2023—just 2.5 years from its inception. Specifically, total cash receipts from property sales are approaching 1 billion euros, having already surpassed the target of 900 million euros. This milestone was achieved two months ahead of the original target, which was set for the end of the year. As of October 31, 2024, the total receipts from the project’s commencement have amounted to 967 million euros.
Of this total, 668 million euros are attributable to residential developments along the Coastal Front and in the Little Athens Neighborhood. The total receipts for the period from January 1, 2024, to October 31, 2024, stood at 488 million euros, with approximately 255 million euros originating from residential developments. Following the successful sales of properties along the Coastal Front, residential units in the Little Athens neighborhood are also experiencing substantial commercial success, with reservations for 383 units, or approximately 85% of the available inventory, already secured.
Between July and October 2024, three land sale transactions were successfully concluded, generating total transaction revenue of 258 million euros. Of this amount, 194 million euros had been collected by the end of October, with an additional 16 million euros expected by the close of 2024 and a further 43 million euros anticipated in 2025. These transactions will further bolster the cash reserves of The Ellinikon project and strengthen the financial position of the parent group.
