Lamda Development is about to start the construction of three development projects in Elliniko, with a total initial budget of 1.552 billion euros.
This is The Ellinikon Mall (formerly Vouliagmenis Mall), the largest shopping center to be built in Greece, in the same area near Vouliagmenis Avenue, the Mixed Use Tower and the Riviera Galleria, a commercial and entertainment complex on the beach front of the former airport.
The Ellinikon Mall
The Ellinikon Mall will be completed in 2027, something rather optimistic as, among other things, the choice of its developer is pending.
The Rizzani de Eccher – Avax consortium worked as Early Contractor Involvement (ECI Consultant) at The Ellinikon Mall, while Aktor (Intrakat Group) undertook the earthworks.
It seems likely that the aforementioned consortium will not build the shopping center in Elliniko, as was the case with the Riviera Tower (the residential tower on the beach) in which ECI had chosen the Bouygues Batiment International – Intrakat consortium and then, after negotiations, it was also entrusted with its construction.
According to sources, Lamda is discussing the construction of The Ellinikon Mall with the French Bouygues and it remains to be seen what the development will be.
The lease of 70% of its total leasable area (90 thousand sq.m.) has been agreed (Signed Heads of Terms). It will be 50% larger than The Mall Athens in Maroussi and will have 280 stores.
Riviera Galleria
For the Riviera Galleria, Metka (Mytilineos Group) has been selected as the developer and based on the initial schedule it will be completed in the first half of 2026. It will include 100 stores and the lease of 53% of its total leasable area (19 thousand sq. m.).
The budget is estimated at 1,052 million euros, a figure that may eventually be exceeded in terms of construction, as it is based on initial estimates. From the aforementioned budget, the construction capex totals 656 million euros, land and infrastructure reaches 263 million and the other costs (financial marketing, etc.) amount to 133 million euros.
For the developments, The Ellinikon Mall and Riviera Galleria, Lamda will make use of loans (575 million), its own capital (271 million) and other means of financing (206 million).
Mixed Use Tower
The Mixed Use Tower, a total investment of 500 million euros, will be developed by the special purpose company, Ellinikon Park Tower, in which a Brook Lane Group company participates with 70% and Ellinikon Hospitality Investments (a 100% subsidiary of Lamda) with 30%.
It will have a height of approximately 150 meters above sea level and 40 floors with 5-star hotel uses, luxury leisure and wellness facilities, meeting rooms, rooms and branded luxury apartments that will “overlook” the Metropolitan Park and the sea.
The management of the hotel and the branded residences will be entrusted to an internationally renowned management company and will be completed in 2028. For the Mixed Use Tower, the selection of Early Contractor Involvement is pending.
