Transforming Athens: The Rise of Europe's Largest Smart City Project

Described by Bloomberg as "Europe's largest smart city project," the Ellinikon Project by Lamda Development is making waves. Specifically, the publication notes that along the southern coastline of Athens, a long-awaited plan to transform the former airport of the Greek capital into Europe's largest smart city is finally gaining momentum. After a decade of delays, the vision for the Greek project is emerging. The marina tower, expected to be Greece's first skyscraper, is beginning to rise, while the iron skeletons of apartment buildings are taking shape. Standing at the marina, with a view of the Saronic Gulf on one side and the tower on the other, one can envision the future city, boasting open spaces, sustainable energy sources, and abundant greenery, elements currently lacking in Athens.

Spanning 6,200 acres and a 20-minute drive from the city center, the Ellinikon project will transform both the coastline and the country itself. It's the kind of project commonly seen in China or the United Arab Emirates and signifies Greece's resurgence post-crisis. Estimates suggest the project will add 2.5 percentage points to Greece's GDP and create up to 80,000 new jobs, while generating tax revenues exceeding €10 billion after its completion in 2037.

Moreover, it's expected to attract an additional million tourists annually, who can choose between a Mandarin Oriental hotel and an integrated casino-resort for their stay. For those looking to reside permanently in Elliniko, 243 units are already up for sale, with 140 already committed. The Marina Tower apartments, beachfront villas, and residential complexes were the first to sell out, with Lamda announcing property sales revenue of €641 million since last March.

Most buyers were Greek citizens, and the city is expected to house up to 20,000 people in approximately 10,000 homes over the next 13 years. Residents will have access to schools, parks, offices, stores, and even the beach within 15 minutes.

The process to start operations at the Greek project was not easy. When Lamda purchased the plot in 2014, parts of it were filled with the former airport's debris, including abandoned aircraft, while other parts housed refugees and migrants. The waterfront was filled with nightlife establishments and long-forgotten sports facilities, while licensing delays further complicated matters. Greece's near-bankruptcy when the project was proposed made it even more unlikely to start someday, as reported by Bloomberg.

While these challenges have receded, Lamda continues to face a labor shortage. Nearly 7,000 workers will be needed next year when construction begins around the project's commercial center. Lamda currently has around 2,000 employees and is in advanced discussions with contractors to bring in construction workers from other countries. By the end of summer, seven new apartment buildings will be visible from the shore, alongside the skyscraper currently under construction.

By the end of 2024, the skyscraper will reach 100 meters, and the number of beachfront residential buildings under development will skyrocket to 15. It's worth noting that by the end of 2025, a sports center with football fields, tennis courts, and swimming pools will open to the public. In conclusion, Lamda's CEO, Odysseas Athanasiou emphasizes that "by Christmas 2026, we want residents to live in their homes."

Originally published in Greek on: newsbeast.gr

Transladed by: Codico Lab