By Stamatis Zisimou

 

The preparations for the construction of The Ellinikon Mall, the country’s largest shopping center in Elliniko, with a leasable area of 100 thousand sq m and 350 stores, are in the final stretch.

 

Lamda Development is completing the licensing process with a revision of the original design. Initially, there was a provision for the creation of office space on the floors. In addition, as its management, under the CEO Odysseas Athanasiou, has said, the selection of the manufacturer will be decided by next March.

 

Some of the country’s major construction groups (GEK Terna, Aktor, Avax and Metka) will be involved in the process of selecting a manufacturer for the shopping center, probably in collaboration with foreign companies, such as the French Bouygues, which is already working in Elliniko. In collaboration with Aktor, Bouygues is constructing the residential tower, Riviera Tower.

 

The Ellinikon Mall, as well as the Riviera Galleria, the smallest shopping center on the Elliniko waterfront, are two of the developments at the former airport that Lamda is proceeding with on its own. Lamda has the experience in this field since it has constructed and operates the 4 largest shopping centers in the country.

 

According to information reported in an earlier report by Naftemporiki (28.11.24), for the two Elliniko malls, Lamda has agreed with Eurobank, Piraeus, Alpha and Attica Bank, a bank loan of around 800 million euros, as their total cost, including financing costs, marketing, etc., is expected to exceed 1 billion euros.

 

One of the latest approvals that The Ellinikon Mall has received is from the Central Council of Architecture. Therefore, it is a building with special architectural specifications and the potential to become a reference point for the wider area.

 

The design of the study has been done by the international architectural firm Aedas, based in Hong Kong, and will be built and operated in accordance with the principles of bioclimatic design and energy efficiency, following the specifications for obtaining LEED Gold certification.

 

Based on the latest data from Lamda, agreements have been concluded with tenants (Heads of Terms -HoT) for 63% of the Total Gross Lettable Area (GLA) at The Ellinikon Mall.

 

This large shopping center is one of the three main developments in the Hellinikon area adjacent to Vouliagmenis Avenue and is called the Commercial Hub.

 

Trade Estates, a member of the Fourlis group, has undertaken the construction of a retail park with a total investment of 75 million euros, which is next to The Ellinikon Mall.

 

The Commercial Hub is complemented by a mixed-use tower with a total investment of 500 million euros. It will be developed by the special purpose vehicle, Ellinikon Park Tower, in which a Brook Lane group company participates with 70% and Ellinikon Hospitality Investments (a 100% subsidiary of Lamda) with 30%.