Work Speeds Up at the Ellinikon as Landmark Projects Rise

Work at The Ellinikon, Athens’ flagship coastal redevelopment, has entered a new phase of momentum, with construction progressing faster than at any point since the project began. According to well-placed sources, earlier delays have now been resolved, and several elements of the development are moving into their final stretch.

The shift in pace was underscored by Lamda Development CEO Odisseas Athanasiou during a presentation at the Athens Stock Exchange, marking the launch of the company’s new €500 million bond. His message was clear: what has long been promised is now materializing.

The shift in pace was highlighted by Lamda Development CEO Odisseas Athanasiou during the public offering and listing of the company’s €500 million retail bond on the Athens Exchange. Athanasiou stated that in 12 months people will be exercising in the new public spaces, in 18 months they will be shopping there, and in two years, the first residents will move into their homes along the redeveloped coastline.

The first homes to be delivered will be those on the coastal front, all of which have already been sold. They will be followed by apartments in the district known as Little Athens, a residential neighborhood within the site.

Growing Interest From the Greek Diaspora

Riviera Tower Rising Quickly

Construction of the Riviera Tower, the project’s signature 200-meter residential skyscraper, is also accelerating. Of the 50 total floors, 35 have already been built. The remaining 15 are expected to rise by this summer.

The tower will host 170 apartments and aims to become a new architectural landmark for the Athens coastline. Its design emphasizes natural light, greenery, water features, and bioclimatic principles. All units will have through-floor layouts and panoramic, unobstructed sea views.

Final Stages of the ION Agreement

Progress is also reported on the long-anticipated partnership with ION, the financial technology group owned by Italian entrepreneur Andrea Pignataro. According to well-placed sources, the agreement is said to be finalized, with contracts expected to be signed by the first quarter of 2026.

ION plans to develop an International Research and Innovation Center across two designated areas within the former airport, with a total building capacity of 250,000 square meters. The investment is estimated at €1.5 billion. Lamda Development will receive €450 million for the land and an additional 2% of its own shares, which will be purchased by ION.