Greece Design and Construction Ellinikon Project
The Ellinikon Background
The site of former Athens Airport is finally being redeveloped and is set to become the biggest urban development project in Europe. Ellinikon, Greece is a coastal city located 20 minutes from the center of Athens and 40 minutes from the current Athens International Airport. The old airport was last used as an airport in 2001 but has sat vacant since. Greek local conglomerate Lamda Development S.A. submitted a request to take over the land in 2014. In 2019, a joint Ministerial Decree was finally signed to greenlight the project. Phase 1 of the construction began in 2022 and is expected to be completed by 2026 and cost $3.6 billion. Lamda has secured financing through equity capital increase, bonds and bank loans.
Current Developments
The entire project is valued at $8.7 billion which is 3% of the country’s GDP and is estimated to return $15.3 billion in taxes to the Greek public. The Ellinikon site is estimated to be twice the size of Central Park and will include various infrastructure projects while maintaining archaeological and cultural sites that currently exist. The master plan includes a park, residences, hotels, shopping malls, parks, wellness and sports recreational activities centers, museums, health centers and a revamp of the coastal area, and marina. A major U.S. firm is planning on developing an integrated hotel casino resort.
Current projects under construction include:
• Riviera Tower: UK firms Burro Happold and Foster + Partners worked on the architectural design while French company Bouygues Construction created a Joint Venture with Greek Intrakat to construct the tower.
• Commercial Hub: Hong Kong firm AEDAS has designed the architecture of the hub while construction will be handled by the Joint Venture of Italian firm Rizzani de Eccher and Greek firm Avax.
• Persons with Disabilities (PwD) building: Greek firm ABAS Integrated Systems and general contractor EKTER S.A. were hired to study, design and construct the state-of-the-art complex.
• Poseidonos Avenue underpass and general infrastructure: This is being led by Greek firm AVAX.
Other upcoming projects include The Cove Villas, The Cove Residences, various apartments at the Agios Kosmas area, Riviera Galleria, Retail Park by Fourlis Group, coastal residential and commercial developments by Orilina Properties, Piraeus and Eurobank agreement for tourist offices, two luxury hotels and residences by TEMES, a mixed-use tower in Vouliagmenis Av. in partnership with Brook Lane Capital, and more.
Two U.S. firms have already won major roles in this development as project managers, and it is obvious that a project of this size and scope will necessitate accountability and strict management protocols. While the project management role is still new in Greece, the surge in infrastructure and energy projects and the need to utilize RRF funding prior to deadlines has created a new need for such services. We expect there to be many opportunities for U.S. firms providing products and solutions to the many portions of the Ellinikon Project. The immediate need is project management but there will be needs expected of any major project of this size.
Should you be interested in learning more please reach out to Irini.Karajani@trade.gov at the U.S. Commercial Service in Greece for an initial conversation.
Resources:
Infrastructure and Transport Conference 2023 | September 18-20 2023 | https://ypodomes.com/