The Piraeus Tower renovation project is progressing and is expected to be completed in 2023.
The first stage of reconstruction is carried out by TERNA SA, a 100% subsidiary of GEK TERNA Group. The project budget is about 19 million euros.
Famous but abandoned for decades Piraeus tower is the second tallest building in Greece after the Athens skyscraper. It has a height of 84 meters and consists of 22 floors. Built in the port 45 years ago, the building has never been used, for a variety of reasons.
The terms of the international tender, according to the approved ministerial decision (ΣτΕ), provide for its concession for 99 years, as well as management and operation by a contractor with an annual financial reward allocated to the municipality in the amount of 1,010,000 euros.
The project implementation period is 33 months. It is given for major repairs and improvement of the interior and adjacent territory, renovation of facades with a protective screen, vertical green areas, as well as a modern lighting system to make it a landmark of the city.
The use of the Tower includes (by leasing) shops, offices, restaurants and a cultural center to promote the maritime tourism and shipping product.
The investment is being carried out by Dimand together with Prodea Investments and the EBRD. The amount of investments reaches 40 million euros and is financed by Alfa-Bank. The new tower is expected to start operating in the first half of 2023.