The Ellinikon project: Greece’s flagship urban development investment

The Ellinikon Project aspires to become the largest urban development in Greece and one of the most significant infrastructure investments in Europe. It is an iconic redevelopment of the former Hellinikon International Airport and the coastal front of Agios Kosmas. Alongside other urban regeneration projects in the surrounding area, this endeavor will play a crucial role in revitalizing the Athenian Riviera and re-establishing Athens as a key player in the global network of urban centers. 

A New City, A New Opportunity

With the transaction between all involved parties finalized in June 2021, the project’s implementation began after nearly a decade of institutional, investment, and technical preparation. The development spans a total area of 6.2 million square meters and is projected to be fully completed over a 25-year horizon. However, individual projects within the development will be completed and delivered in stages during five-year investment cycles.

The €8 billion project involves the creation of an entirely new city, featuring cutting-edge technology and design principles across architecture, urban planning, and environmental sustainability. This new urban center will be fully integrated with Athens, harmonizing with the Attic landscape while reflecting the cultural heritage and local characteristics of Greece.

The development is structured into three distinct yet complementary areas: the Metropolitan Park, the Coastal Front, and the Business District. Within these zones, 2.66 million square meters of construction will be allocated across five primary categories: residential, office, commercial, tourism, and sports facilities. Specifically, the project will include: 

• 9,000 residences of various types catering to both the Greek and international housing markets,
• 3 next-generation office complexes designed for modern business needs,
• 3 commercial centers based on innovative retail models,
• 4 tourist accommodations and specialized tourism infrastructure,
• state-of-the-art sports facilities, including 20 tennis courts, 4 padel courts, 9 basketball courts, 6 football fields, 6 multipurpose training centers, 4 beach volleyball courts, 3 Olympic-sized swimming pools, 2 athletics fields, and an advanced rehabilitation center. 

A major part of the investment will also focus on infrastructure, including green spaces and recreational areas, extensive transportation networks (bike lanes, pedestrian paths), port works, and improvements to the coastal front. Additional public utilities, environmental infrastructure, cultural facilities, and community spaces will be incorporated, enhancing both the development and the broader Athenian area.

One notable feature of the project is the planned construction of six high-rise buildings, with heights of up to 200 meters above sea level, in designated areas of the Metropolitan Hub. For comparison, Athens’ tallest building, the Athens Tower, currently stands at 103 meters. These architectural landmarks will help position the Ellinikon development as a key destination within the Attica region.

The first phase of the project will focus on the development of the Riviera, the Park, and the Commercial District along Vouliagmenis Avenue. This stage is expected to attract interest from high-profile international buyers seeking premium seaside properties, while also offering top-tier office space and capitalizing on the growing tourism industry in the Eastern Mediterranean. 

Economic and Social Impact

The benefits of the Ellinikon investment can be measured both economically and socially. Beyond the initial acquisition cost, the project is expected to boost Greece’s GDP by 1.5-2%, generate €14 billion in tax revenues, attract investors and visitors, and create 10,000 construction jobs and 70,000 permanent positions once the entire development is completed and operational. On the social side, the creation of a metropolitan park with public recreational and sports facilities, infrastructure for vulnerable groups, and community spaces will add value not just to the local municipalities but to the entire Attica region. 

The Ellinikon Project marks not just a transformation of the Athenian coastline, but a new era of growth for Greece, blending visionary urban design with tangible economic and social benefits. 

PLANET, in partnership with German engineering consultancy ILF BERATENDE INGENIEURE GmbH, plays a key role as the Implementation Advisor. This position, stipulated by the original Share Purchase Agreement, involves providing oversight and coordination services, as well as specialized technical, financial, and legal advisory support. The team will supervise and monitor all timelines and milestones during the first five years of the project to ensure the interests of the Greek State are safeguarded.