Piraeus: Former Tobacco Factory to Become Vibrant Mixed-Use Hub

The former Keranis tobacco factory at the entrance of the city of Piraeus, which has stood empty for two decades, is set to undergo a major transformation into a mixed-use complex, with residential spaces taking center stage. The project, spearheaded by the Canadian Mercan Group, will also include retail stores, dining establishments, and office spaces.

According to Mercan Group’s official announcements, the project has already entered the commercialization phase. The residential units will be marketed under the Golden Visa scheme, with prices starting at 250,000 euros, allowing investors to take advantage of recent legislative changes.

Under the revised Golden Visa regulations, the minimum investment threshold of 250,000 euros remains applicable to industrial buildings converted into residential spaces, provided they have not been in industrial use for the past five years and the conversion is completed before the visa application.

A Modern Urban Hub

As outlined on the Mercan Greece website, the Piraeus tobacco factory transformation will feature 408 fully furnished apartments ranging from 44 to 69 square meters, including open-plan studios and one- or two-bedroom apartments. The complex will also host retail stores, cafés, restaurants, and a rooftop garden on the seventh floor, offering panoramic city views.

Additionally, the building will include a gym and a recreational area featuring an outdoor courtyard designed for relaxation, social interaction, and networking. Office spaces will be located on the lower floors. The entire complex will span 29,900 square meters, with the aim of creating a vibrant urban experience.

The former tobacco factory was previously considered as a potential site for relocating Piraeus’ court facilities. However, the contract was ultimately awarded to Dimand, which is now developing the new Piraeus Courthouse at the “Daskalakis” property.