Major Projects Aim to Restore Athens’ Iconic Commercial Hub

Stadiou Street, once the main commercial artery of downtown Athens and a symbol of the impact of the financial crisis, linking Omonoia and Syntagma squares is undergoing major projects aimed at restoring its former glory. Many of these projects are already in progress, with others in the planning stages.

Banks are playing a crucial role in the revitalization of Stadiou Street, investing heavily in real estate with modern environmental standards and innovative technologies. Since mid-December, Eurobank’s main offices have been located at 2 Omirou Street and 12 Stadiou Street.

The renovated “green” building across from the Old Parliament, acquired by Eurobank for 10 million euros, now houses the bank’s top management offices reflecting the bank’s ESG criteria and philosophy.

Additionally, the old Capital Market Commission building at the corner of Stadiou and Kolokotroni Streets—the first concrete building in Athens—will also house Eurobank offices within the next three years.

Meanwhile, Alpha Bank is comprehensively renovating its historic headquarters at 40 Stadiou Street. This large building, inaugurated in 1987 as one of Athens’ most modern office spaces, is being upgraded, and the bank will also utilize the neighboring building at the corner of Korai and Stadiou Streets.

A major challenge for returning Stadiou Street to normalcy is the transformation of the Arsakeio Arcade into a multi-purpose space promoting Greek Mediterranean cuisine and local producers (food hall), expected to open in the fall. The space will host approximately 20-22 food and dining establishments, along with retail stores facing Stadiou Street.

At the same time, the old nine-story office building at the corner of Stadiou and Emmanouil Benaki Streets, covering an area of 5,000 square meters, will be converted into a four-star hotel with high energy efficiency.

The iconic former Greek Public Telecommunication (OTE) property on Stadiou Street, next to the Old Parliament building, was acquired years ago by an expatriate businessman with the aim of transforming it into a five-star hotel. However, this investment has yet to progress. The historic building, constructed in 1930 based on the designs of architect Anastasios Metaxas, remains in limbo.

Finally, Contributing to the revitalization of Stadiou Street, the NYX Esperia Palace hotel has already opened in the place of the former Esperia hotel. Upgraded to a five-star establishment, it is now operated by the Israeli group Fattal Hotels.