Elliniko as a symbol of the rebirth of Athens

When the first phase of construction of the Elliniko project is completed in 2026, the site of the former Athens airport will become unrecognizable, according to Bloomberg.

The East Terminal, designed by Eero Saarinen, will remain in place, while the abandoned hangars and runways will be replaced with a mixed-use complex twice the size of New York City’s Central Park.

Within three years, nearly 10,000 luxury beachfront homes and apartments will be built on a 650-acre site along the southeast coast of Athens, the Mandarin Oriental Hotel, one of the largest shopping malls in Southeast Europe, a mega yacht marina, the Hard Rock Casino, a state-of-the-art sports complex, a private school, cultural and entertainment centers, a long beach and a two million square meter green area that will be the largest waterfront park in Europe.

As Bloomberg describes in their article, the privately funded project transform the Greek capital. And to kick-start, Lamda Development has already started selling residential properties in The 200-meter Riviera Tower, which will soon become the tallest building in the country.

At the moment, all 170 apartments in the skyscraper have been sold, with most of them bought by residents of Greece and members of the Greek diaspora living abroad. Sales in Elliniko have reached 1.2 billion euros to date, while residential property prices in neighboring suburbs have also already begun to rise.

“Our conservative estimate is that Elliniko will add 2.5% to Greece’s GDP once completed and will attract 1.5 million tourists annually,” Lamda CEO Odysseas Athanasiou said.

At a launch last October, Prime Minister Kyriakos Mitsotakis described the Helliniko project as “a new era for the coast”, noting that it is expected to generate over 14 billion euros ($15.2 billion) in tax revenue over 25 years.

As the country is still reeling from a decade-long debt crisis, the report says, Elliniko will become a symbol of Athens’ renaissance.

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