Construction works in the Ellinikon gaining momentum, more residential units added to the project
Odisseas Athanasiou CEO at LAMDA Development S.A: "Great part of the Ellinikon development is estimated to be delivered by 2026"
Construction works in the Ellinikon are gaining momentum and are expected to mature enough to make a great part of the project deliverable by 2026.
During a press event hosted to present the progress of the works in the project, Mr.Odisseas Athanasiou CEO LAMDA Development S.A. spoke about a "quite challenging goal" that is currently on track to be achieved. The first buildings will be visible from Poseidonos Avenue by Easter 2024, including the first floors of the iconic skyscraper and the beachfront homes and apartments.
According to the schedule, infrastructure projects will have been delivered by then, along with the undergrounding of Poseidonos Avenue, 35% of the park (c. 600 sq.m. to the west), the formation of the Trahonon stream, the first phase of the residential units, the Marina, that will be upgraded to accommodate larger vessels, the Riviera Galleria shopping center, the beach layout, the sports center and the Vouliagmenis Mall.
Particularly for the Riviera Galleria shopping center (three schemes have already expressed interest and the contractor is expected to be announced in January) development works will begin in the first half of 2024, allong with the Vouliagmenis Mall - the shopping center closer to Vouliagmenis Avenue.
"Little Athens", more residential units added to the scheme
"Little Athens", an exciting new neighborhood with contemporary homes and apartments designed by renowned local and global architects has been presented in detail during the event.
"Little Athens" will bring in 460 residential units from which 160 are scheduled to be put up for sale in the next couple of months. The new resi scheme in the Ellinikon will add on to the three initially designed units on the beachfront: the Foster + Partners' Riviera Tower residential skyscraper, accommodating 170 residences with spectacular views and exemplifying cutting-edge biophilic design, the Bobotis Architects and ISV Architects 115 apartments and the villas on the 27 plots that have been sold to their majority. According to Odisseas Athanasiou, CEO at LAMDA Development S.A., if the luxury residences on the sea front and the Riviera Tower apartments are added to the figures above, there will be built and delivered during the first phase 1,115 residences and 115 shops on the ground floors.
.A significant part of these will be placed under the umbrella of international hotel chains, that will undertake tourist projects within the Ellinikon. The collaboration with Mandarin Oriental has already been announced for one of them. Announcements for the second hotel that is being under development in partnership with TEMES and the 20 residences that are included in Orilina Properties REIC's project, along with a private club, are yet to be declared.
It should be noted that 8,500 residential properties will be comprised in The Ellinikon at the time of its completion.
According to the data provided by the company's management, 28% of the properties have been allotted to international residents -16% of which are people of the Greek diaspora, a percentage that is expected to be increased from 2024 onwards, when the Ellinikon will launch its marketing campaign abroad.
As for the newly added "Little Athens", a total of 10 building blocks will be developed during the first five years of the construction, until 2027, the first 5 of which will include almost 460 apartments and are due to be launched soon.
The development comprise:
The Park Rise with buildings designed by the Danish Bjarke Ingels, measuring 50 metres tall with 12 and 8 storeys and 88 apartments spanning from 70 to 350sqm.,
A development of 7 retail properties and 156 apartments spanning from 60 to 300 sqm, designed by Pavlos Chatziagelidis' 314 Architects.
A complex of 9 buildings with 79 apartments characterized by round balconies and spanning between 60 to 200 sqm, also designed by 314 Architects,
A complex of 56 apartments designed by Deda & Architects and a complex of 80 apartments designed by Tsolakis Architects.
With regards to offer prices -as the management of the listed company clarified- there have been almost 30 residences available for sale with prices starting at €6,500 per sqm, while construction cost ammounts to €4,500 per sqm.