Total amount of investment estimated to exceed 500 million euros is added by the three skyscrapers to be erected in Athena and Thessaloniki the next years. The beginning will be made with the operation of the previously “ghost” building of the Piraeus Tower, which is to be handed over for use in its entirety before the end of 2023. This is a particularly interesting shift that has recently been observed in the real estate market, which demonstrates the need to reduce the building footprint through height development, but also the importance of creating ‘landmarks’ for cities, their visitors and residents.
The most recent development concerns the utilization of the area and facilities of the former Kerameia Allatini in Thessaloniki, an area of 82 acres. As it became known in the relevant visit made a few days ago by the Prime Minister Mr. Mitsotakis himself, the Andreadis Group (Sani/Ikos), which has purchased the property, is launching the development of a mixed-use tower, with an area of 29,800 sq.m. and 100 meters high. Agents of the real estate market determine the amount of the investment at least 250 or even 300 million euros.
The Riviera Tower in Elliniko will host 171 luxury apartments, with an average selling price of 14,000 euros/sq.m.
According to what Mr. Stavros Andreadis in the presentation of the project, “when this area was bought there was the dilemma of the conventional road, which was to be urbanized by building apartment buildings that cover almost 100% of the surface, with roads, cement, asphalt, etc., making in my opinion anything but an ecological approach. Instead of conventional urban planning, which would, among other things, suffocate this listed building with a suffocating embrace, we believed that we could propose something new, to include all the construction in a multi-storey building 100 meters high and 29,800 meters in area. The rest of the space should be transformed into a public park accessible to all. All parking spaces should be underground and there should be no cars on the surface.” In terms of uses, the orientation will move towards hospitality, with a hotel, serviced apartments and other complementary uses, such as e.g. shops, offices, etc.’
The tallest residential tower to be built in the country will be located at Greek. The reason for the 200-meter Riviera Tower, a project with an area of more than 44,600 sq.m. and a total investment of 300 million euros. It will host 171 luxury apartments, with an average selling price of 14,000 euros/sq.m., while it is estimated that on average each property has been sold for an amount of 3.65 million euros. At this time, the work of the foundation of the tower is progressing at a rapid pace, while it is possible that before the end of 2023 the first floors will have started to appear. The project is expected to be completed at the end of 2026, when the first tenants will start settling in.
More immediately, and specifically within December, it is expected that the Piraeus Tower. It is an investment of 45 million euros by Dimand – EBRD – Prodea Investments, which has taken over the exploitation of the property for the next 99 years. These funds concern the complete operational and technical upgrade of the building, which will also be certified according to the LEED standard, as the first “green” skyscraper in the country. It is a building with a height of 88 meters and an area of 34,000 sq.m. (of which 4,800 m2 are underground). At 22,000 sq.m. modern office spaces will operate in the superstructure, while the remaining 7,500 sq.m. concerning the first floors of the building will host shops, dining areas and a gym. Among the companies that have agreed to lease premises are the Inditex group which will cover 5,850 sq.m. of commercial stores and the JD Sports Fashion chain, while in terms of offices 9,300 sq.m. they will be leased by Dialectica.
