Lamda Development Progresses Construction Across The Ellinikon

The Ellinikon is delivering on key milestones amid residential sales, global investment, and commercial leasing velocity

Lamda Development has announced that works are rapidly progressing at The Ellinikon, Europe's largest urban regeneration project and a 15-minute, smart, green coastline city being built from the ground up in Athens. With views of the blue of the Aegean Sea and breathtaking sunsets, this new world-class destination is expected to attract at least one million new tourists.

As Phase I advances well into its construction and development stage, significant progress has been made this year amid global demand from more than 50 countries. The projects due for Phase I completion include the largest part of the commercial developments, the regeneration of the Coastal Front and Agios Kosmas Marina, a large part of The Ellinikon Park, and approximately 1,500 units of residential development. Upon completion, Phase I is expected to generate approximately €3.3 billion of cash proceeds.

Brief Outlook

• Phase I milestones include major commercial developments, Coastal Front revitalization, and over 1,500 residential units
• Anticipated cash proceeds from Phase I: €3.3 billion
• Delivery of a state-of-the-art Care Centre for People with Disabilities to neighbouring municipalities
• Honoured by a visit from the Greek Prime Minister in October

Lamda is also proud to have delivered the Care Centre for People with Disabilities earlier this year to the neighbouring municipalities. This state-of-the-art facility is already operational, housing four associations within its 11,500 square meters. This is the first building to be developed by Lamda at The Ellinikon and was delivered on schedule—an occasion commemorated by an October visit from the Greek Prime Minister, who delivered remarks about the project's significance.

Residential Developments

The Riviera Tower—The Ellinikon's crown jewel—will be the tallest skyscraper in the country and the tallest green seafront high rise on the Mediterranean. Its main works contract is awarded to the Bouygues Batiment International–INTRAKAT Joint Venture. The completion of the building's raft foundation was achieved through a 40-hour process of continuous concrete casting, the longest such process in Greek history. Hill International has been appointed as the project's construction supervisor.

Meanwhile, the Cove Residences received building permits for all four blocks in early 2023. Site mobilization, demolition, and excavation took place throughout 2023, while the construction of the concrete frame for the project has already commenced. Hill International has been appointed as the project management consultant.

Following the successful sale and marketing of more than 350 coastal front residential units, Lamda recently announced Little Athens, a new neighborhood bringing approximately 1,115 residences and 110 neighborhood retail units to The Ellinikon's smart urban ecosystem. Additionally, Lamda has announced the Pavilion Terraces, a development of seven six-story residential buildings, four of which will also feature ground-floor retail. Designed by Greek architectural firm 314 Architecture Studio, the project will bring 156 one- to five-bedroom residences.

Shopping and Leisure Destinations

Preliminary works commenced in 2023 for The Ellinikon Mall, a groundbreaking retail and entertainment destination. Throughout its advanced infrastructure, the mall will offer high-end design and a curated selection of leading Greek and international brands. Excavation and concrete work also commenced in July 2023 on facilities at The Ellinikon's Sports Park.