At this time next year, it is expected that the first floors of the green residential tower on the coastal front of Ellinikon will begin to be built.

Based on the existing plan, the management of Lamda Development is postponing the finalization of the contractor for the current tender for the sports facilities of Ellinikon, with a budget of 100-120 million euros, which is being contested by GEK TERNA, Aktor, Avax and in a joint venture format the Mytileneos group and Intrakat.

According to the latest update from the CEO of the Lamda Development group, Odysseas Athanasiou on the sidelines of the signing of the memorandum with the Municipality of Hellinikon-Argyroupolis, there are some modifications regarding the development method, estimating that in the first quarter of 2023 there will be a contractor, but also that the project will be ready for construction at the end of 2024.


The foundations

It is worth noting that the foundation of the Marina Tower is just around the corner, as two 55-meter piles have already been placed on the tower’s construction site. The foundation process is expected to be completed in May, based on Lamda’s updated schedule, so that the 200-meter green skyscraper and nearly 180 apartments can be erected. This is a technical construction process, included in the framework of the Early Contractor Involvement contract with the Intracat-Bouygues consortium, while the second part of the contract with this particular consortium for the construction part will be signed by the end of February 2023.

Sports facilities

Also, the company has already planned the movement of the sports facilities of Agios Kosmas to various areas of Attica, on the one hand freeing up space for the planned commercial developments, and on the other hand creating a rewarding benefit for the City. The contractor will be announced that month so that by the end of 2024 the facilities, which will include athletics stadiums and football pitches, will be operational. The offers of GEK Terna, Aktora, Avax and Mytilene – Intrakat are under evaluation by Lamda. It should be noted that as part of the upgrade of the Olympic facilities, the concessionaire is investing around 20 million outside the Ellinikon complex, upgrading the National Sports and Training Center of the Olympic Village, the Indoor Athletics & Volleyball House of Paiana and the National Indoor Swimming Pool of Piraeus “Petros Kapagerov” .

The park

As for the tender concerning Ellinikon Park, Mr. Athanasiou estimated that by the end of February 2023 the offers will have been submitted, which will be evaluated in the first half of the new year. It is noted that it will cost around 250 million euros and will be the first step towards the creation of a green pole of 200 hectares in the southern suburbs.

These are Lamda’s priorities for the first quarter of 2023, during which time the agreement with TEMES regarding the creation of two five-star hotels, through two SPVs, in which TEMES will participate with 70%, will also go ahead. By March, the operator and the architect of at least one of the two holiday units will be announced.

Extension for Mall bids

From there, the tender for selecting the contractor for the mall on Vouliagmenis Avenue, with an estimated budget of 330 to 400 million euros, has reportedly received an extension, since the initial deadline for submission of bids was December 16. The tender for Riviera Galleria, Hellinikon’s luxury shopping mall, which has a budget of 130 million and an initial completion schedule of the second half of 2025, also starts by next May.

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