Greek: The next steps of the mega project and the Ellinikon Park Tower

Major developments have been taking place lately in its large investment , as significant information on how some of the major projects implemented by Lamda Development have been progressing. In this context a few days ago it became known that Riviera Galleria, the second mall, which will take “sarka and bones” in the marina of Agios Kosmas in Greek, will be built by METKA member of the Mytilene Group, which has taken over along with AKTOR and the park’s sports facilities. Riviera Galleria’s construction work will begin within 2024, while it is estimated that they will be completed in 2027. The aim of its construction is to be certified by LEED Gold. Together with Vouliagmenis Mall, their total cost will exceed 1 billion euros, which ranks their construction among the most expensive building projects in Greece. It was also known what will include the second tower to be implemented in Greek on the side of L. Vouliagmenis Mall. In particular, the Lamda Development consortium with Brook Lane for the development of the second tower has set up a new company named Ellinikon Park Tower SA in which Brooklane participates by 75% and by 30%, as planned by the relevant agreement of the two sides. The skyscraper will be built on a plot of 26,144,311 sq.m. which is just 700 meters from the metro station “Greek”. Based on the original design, the building will have a total of 40 floors and will include a five-star hotel from the ground floor to the ninth floor, featuring 166 rooms, as well as luxurious facilities such as SPA with indoor pool, outdoor pools, gymnasium and conference rooms, as well as dining areas with seamless views of Metropolitan Park, Athens Riviera and urban fabric. From the tenth floor to the 17th floor, the hotel will have an additional 80 condos-type rooms which will be available for sale. On the highest floors from the 18th to the 39th floor will consist of 130 dwellings (branded residences). All residences will have an unobstructed 360 degree view and exclusive access to amenities, including a lounge area, swimming pool, gymnasium and “concierge” services. The project is part of the first phase of Greek development with a completion horizon in 2026, and concerns a total investment originally estimated at 200m euros. For its construction the model of Early Contractor Involvement (original study and preparation) and offers have submitted the GEK TERNA-n ACC, Avax-Rizzani de Eccher and Actor-MAN schemes. The implementation of the project to subdue part of Poseidon Avenue is also continuing rapidly. According to the data released the excavations have completed over 75% of the total volume of 400,000 m3 soil and the concrete of walls over 45%. Concrete over 55% of the base plate has also been completed. With the demolition of Posidon at a length of 1.5 km from the beach of Alimos to the height of Marina Agios Kosmas, traffic congestion will be reduced as 6 signallers are eliminated and 6 lanes are created (three from the rise and three from the descent). The work of undergroundization that began in May 2022 is completed in June 2025 and is expected to be delivered to the public, following the necessary tests of good operation, at the end of 2025. Of course, Lamda Development seems to have found it quite “dark” with the educational projects it plans, as after the departure of the College of Athens which announced that it would not eventually proceed with the establishment of school complexes within the scope of the Greek, it is almost certain that Prodea’s departure from the shape of Lamda Development and the educational group Costeas-Geitonas School (CGS), which provided for the creation of another school complex, as it can no longer support the investment.