Renovations offer a breath of life to Piraeus and Votanikos

Attica is changing and it is not just the Ellinikon mega project that is making a difference. Areas that have never been considered prime real estate, today through urban renewals, whether smaller and larger, are given a new lease on life, redefining their relationship with society and the economy.

Two characteristic examples are Piraeus and the wider area of ​​Votanikos.

Just a stone’s throw from the new “Piraeus” metro station, more than 10,000 people work, live and have fun every day at the venue that once housed the Papastratos tobacco factory, giving life to an area that had been deserted. Dimand Real Estate is the driving force behind the revival and reuse of industrial buildings. Investing over 150 million euros, Dimand converted three buildings into a new 65,000 sq.m. office hub. The EBRD also participated in the investment.

Now the company has moved into the second phase of the renovation, with the construction of two new residential projects of 92-95 serviced apartments starting at the end of the year. It was preceded by a similar building which was purchased by Premia Properties.

New users

In the same area, the Piraeus Tower from a ghost building, that was empty for decades, is being transformed into the first bioclimatic skyscraper in Greece, receiving the highest Platinum certification, according to the international standard of sustainable development LEED.

With 19,000 sq.m. offices, 7,000 sq.m. of commercial spaces and 700 sq.m. for food service venues, it will be handed over to its new users in October 2023, nine months ahead of the contractual obligation undertaken by the Dimand – EBRD – Prodea consortium, which has been operating the project following a 99-year concession. Preliminary lease agreements have already been signed for 65% of the premises. In the skyscraper, a well-known retail chain will make its debut in the Greek market, while the agreement for the dining areas on the third floor has been closed.

In addition, among the users will be a premium gym chain, while around 10 companies will settle in the offices. Of the surrounding area, 1,000 sq.m. will be given over to greenery, while there is provision for leasing spaces in the Piraeus Port Authority parking lot, which will be connected to the Tower via a pedestrian bridge, which will be built by the Municipality of Piraeus.

The annual financial consideration for the Municipality of Piraeus amounts to 1.01 million euros, with an adjustment of 2% per year. The total amount of the investment amounts to 77.8 million euros.

The VELKA plot

In 2025, the former VELKA industrial property, right next to the Olympiacos stadium, will also be transformed.

This is a joint investment comprising Dimand and AVAX Development, with the Dimand’s share  in 3V S.A. reaching 65% in the near future. 3V owns the property, which covers ​​approximately 18,730 sq.m. .

The development of a mixed-use complex (residences, offices) is planned, with the total buildable area estimated at 57,500 sq.m.

Athens’ backyard

A new city within the city is also planned in Votanikos, which, although only two kilometers from Omonia, is still downgraded in terms of the center of a modern European capital. Abandoned buildings, illegal industries, lack of sanitation are rife in the area, but not so for long.

The double reconstruction project is progressing, with the major projects amounting to 100 million euros having been included in the Recovery Fund, while the two tenders for the infrastructure and the Panathinaikos stadium are expected very soon.

An important factor in changing the economic characteristics of the region will be the construction of the new Central Intercity Bus Station in Eleonas with a budget of more than 100 million euros.

Softex and Soulis

These interventions on an area of ​​about 22 hectares are not the only ones taking place, as private projects worth hundreds of millions are underway.

“There is a lot of interest from companies to relocate to the area,” says Mrs. Olga Itsiou, Dimand’s Chief Operations Officer, to “Vima” newspaper, emphasizing the advantages of Botanikos’ location (metro, next to central roads, etc.).

Dimand is designing a complex with office and retail uses, with a total area of ​​79,827 sq. m., with LEED Gold environmental certification, in the former premises of the Athenian Paper factory (Softex). This is an investment of 159.6 million euros. Premia Properties also owns the former Soulis factory property in the area. The surface of the plot is 10,799 sq.m. and has buildings of 10,857 sq.m. The listed real estate firm has finalized the exploitation plan, which will be announced soon. Reds also owns 8,094 sq.m. in the Plato Academy area. The company states that due to the long-term squat on its property, it has filed lawsuits against the State and the Supreme Court for the non-compliance with the forced expropriation.