The year 2027 will be a milestone for the major redevelopment project of the former Athens airport in Ellinikon.
The delivery of significant developments will begin in 2027 — most notably the first residential units, which are currently under construction.
The CEO of Lamda Development, Odysseas Athanasiou, during yesterday’s general meeting of shareholders, gave an update, noting that the completion of projects will be reflected in the company’s figures and profitability.
Infrastructure
Specifically, as he said, the infrastructure within the 6,200 stremmas of the large development will be ready in 2027. Among other things, the undergrounding of Poseidonos Avenue is progressing satisfactorily and will be completed in October 2026.
According to Athanasiou, the difficulties that the company faced in its attempt to advance the infrastructure that it has financed so far without resorting to borrowing were many, however, they are justified by the size of the project.
The residential tower on the beachfront, Riviera Tower, will be delivered to its users in spring or early summer 2027. Currently, its construction has reached the 25th floor (out of a total of 50 floors and 200 meters high). All apartments, 173 in number, have been sold. This tower was one of the first developments to be put up for sale on the market.
In 2027, the 27 villas on the beachfront and the 115 residences (Cove Residences) a little further away will be completed, as well as approximately 1,000 apartments in the Little Athens neighborhoods. Regarding the apartments, Lamda has been targeting buyers in the US for a year and 40% of the apartments have already been sold to foreigners, the largest percentage of whom are Americans.
The Costeas Geitonas school, as well as the private university (University of Nicosia) have informed Lamda that they will welcome the first students in September 2028, while the sports facilities will be gradually delivered as of next July. The first stadium to be completed is the track and field stadium.
The shopping center in Vouliagmeni, The Ellinikon Mall, will be completed by the end of 2028. The hotels on the beachfront will be delivered for use by the end of 2028 and 2029, while the mixed-use Tower next to The Ellinikon Mall by the end of 2029, as its design changes due to developments regarding the New Building Regulations.
The construction of the shopping center on the beach, Riviera Galleria, is on the first floor and is expected to be completed by 2026. Work on the Agios Kosmas Marina will begin by August. The harbor basin will be deepened (from 4 meters to 7) in order to accommodate large vessels.
These are the main developments of the first phase of The Ellinikon. As noted, the second phase will begin after 2030 and will concern the rest of the park and more residential developments.
