Lamda: Significant progress recorded in infrastructure projects

Progress has been recorded in the infrastructure projects built by Lamda Development in Ellinikon.

In the largest of the projects, the construction of the 1.5 kilometer underground avenue of Poseidonos, extending from the beach of Alimos to the marina of Agios Kosmas, 83% of the excavations have been carried out, according to the data published by Lamda.

Avax is responsible for the project which is scheduled to be completed in 2026.

Timetable

Based on the same data, the decontamination of the soil and waters is completed with the removal of aviation fuel. 60,000 tons of contaminated soil and 25,000 cubic meters of groundwater have been remediated with works expected to be completed within this year.

Regarding road works, 32% of the concreting of the underground road in the area of The Ellinikon Mall shopping center has been completed. All road construction work within the former airport is expected to be completed in the second quarter of 2026.

The excavations for the country’s largest shopping center within Ellinikon, which will be ready in 2027, are expected to be completed by the end of the month. Aktor has already completed 96% of all excavations. The developer of The Ellinikon Mall is yet to be announced.

The aforementioned shopping center will have 100,000 square meters of space for rent (instead of 90,000 that was initially announced) and 350 stores. By the end of August, lease agreements had been signed in 63% of the premises while the aim is that this percentage reaches 70% by the end of the year.

Riviera Galleria

Regarding the Riviera Galleria, a shopping mall near the marina (19,000 sq m of leasable space), agreements had reached 69% by the end of August and they are expected to reach 80% by the end of 2024. The project is scheduled to be ready in 2026.

Excavations and demolitions began last July by Metka (Metlen Group) and 15% of the total excavation volume has been completed.