The 8 billion-euro Ellinikon project in Greece – which took inspiration from Singapore – is set to become a global template for others to follow
Deep inside a cavernous hangar on the site of Athens’ former airport, a Lamda Development executive is discussing one of the world’s most significant construction projects. In front of him is a large interactive screen stretching across an entire wall of the room. With a few flicks, he pulls up a virtual 3D rendering of the area, zooms past a park, and enters an apartment. We’re now “standing” in the apartment’s balcony, where we can see exactly what the view from this soon-to-be-built tower will be like, down to the gently swaying treeline. As we take in the seaside panorama, the executive taps the screen again, and the room instantly glows orange from a simulated sunset.
The technology is astonishing. It’s like that scene from Minority Report, where Tom Cruise uses the futuristic Precrime system to hunt down criminals (except here, we’re chasing sunsets). Even more incredibly, if all goes according to plan, this experience is only a taste of what the development as a whole promises.
Lamda is the real-estate holding firm that Time named one of this year’s 100 most influential companies. Credited for revitalising Greece, it runs four of Athens’ biggest malls. But all that is dwarfed by the Ellinikon, Lamda’s eight-billion-euro privately funded flagship development that is being built on the 6.2-million square-metre site where the former Ellinikon International Airport used to sit, along the sparkling Athenian Riviera.
This is Europe’s largest urban regeneration project, a sustainably built and run “smart” city three times the size of Monaco that’s breathing new life into an area famous for its Jackie Onassis-level glitz before the 2008 financial crisis hit. To be completed in three phases by 2035, it will encompass homes, offices and schools as well as sports, entertainment and cultural facilities across a master plan by global architects Foster + Partners, all of which will completely run on renewable energy sources, thanks to green infrastructure such as an underground power grid. It’s also designed to give residents and visitors access to everything within a zippy 15 minutes, eliminating the need for cars.
The location is Hollywood-worthy: the Hydra head-shaped plot, 30 minutes from the capital’s centre, hugs the Saronic Gulf on one side, while the limestone slopes of the Hymettus mountains loom behind. Blue skies and bluer waters illuminate the area, and ancient ruins, like the 6th-century-BC Temple of Apollo Zoster, dot the surroundings. In contrast, when the first roads and residential buildings are ready from next year, the Ellinikon will showcase some of the most advanced technology on the planet – from sensors monitoring road traffic and seawater levels, to systems that manage waste collection, street lighting and parking spaces – and serve as a global template for a city of the future.
“One challenge other cities face is that they have an existing infrastructure which needs excavating, for sensors and other technology,” says Lamda CEO Odisseas Athanasiou. “Here, we have a unique opportunity to create the smart infrastructure from scratch. By building the roads, we could put in sensors, fibre optics and a 5G network to offer unprecedented levels of connectivity. Building from the ground up means we can collect data and incorporate sensors everywhere, from the light bulbs to underground infrastructure, collecting this data in a central platform and then addressing every need of residents and visitors from this master data centre.”
Transforming lifestyle and location
In a world of big dreams and even bigger fortunes, the construction of mind-bogglingly grandiose urban utopias – think Saudi Arabia’s Neom and the US’ Telosa – is no longer novel. But the Ellinikon stands out for being more, well, grounded. It’s fully funded through its first phase of development, unlike others that have struggled with financing. And the massive project, which commenced work in June 2021, is quickly becoming reality, with the foundations of a vast state-of-the-art Sports Park laid this year, and the first tendrils of the Riviera Tower, the Mediterranean’s tallest skyscraper at 50 floors, poking up close to the waterfront. Existing buildings, such as the Eero Saarinen-designed former airport terminal, which have been deemed to be environmentally kosher, are undergoing restoration to be repurposed in the new development.
Athanasiou says the project was created in consultation with the community, so public spaces abound. Its centrepiece is a coastal park, fertilised by compost and irrigated with cleaned sewage water, that will be one of the world’s biggest when it opens next year. The tract will take up almost a third of the Ellinikon’s area and double the green space in Athens, which has been dubbed a “concrete capital” for its lack of parks. With one million trees and 50 km of trails, it’s perhaps the one thing locals are most looking forward to. Outside the park, an already complete Ellinikon Experience Centre houses community events such as music performances and film screenings, while by 2027, a 1 km-long public beach will open along the coastline.
Designs on the world
Those who want a slice of this future have plenty of big-name, Leed-certified residential options to choose from. The biophilic Riviera Tower, by Foster + Partners, takes indoors-outdoors design to a new level of luxury, with open-terrace living rooms that promise breathtaking views of the Aegean Sea. Next to the waterfront, Kengo Kuma’s Marina Residences combine elegance with eco-friendly living (and a convenient spot next to the swish Riviera Galleria mall, which is also being designed by the storied Japanese architect). Meanwhile, the Little Athens neighbourhood to the west of the site will embrace local materials, and be home to a clutch of condos by both local and international practices. In total, about 8,000 units will be built, with prices starting from 6,000 euros per square metre. Many have already been sold, including all 170 units in the Riviera Tower.
Other offerings include what will be Southern Europe’s largest and most modern mall by AEDAS, which will house 350 stores, a Hard Rock integrated casino and resort, and a Mandarin Oriental hotel and residences slated to launch in mid-2027.
Although completion of the entire development is some time away, the project’s ambition and the promise of so many starchitect and brand names are already buoying holiday hotspots in the riviera. Last month, One & Only officially opened its first resort in Greece along the same stretch, as did 91 Athens Riviera, a luxury glamping resort with a focus on wellness. Come summer, the hip Ace Hotel will set up camp in the riviera’s Glyfada neighbourhood.
International influences, local love
If certain aspects of the Ellinikon sound familiar, that’s because the project drew inspiration from Singapore – the Lion City was one of 17 case studies that Lamda and its consultants, McKinsey, studied in their research.
“One of my biggest inspirations, not just for the Ellinikon, but in general, is Singapore,” enthuses Athanasiou. “I visited the city in 1999 and I was impressed how an island like this has become a world leader in so many things – the green space, the creation of science and being a hub in transportation, financial services, culture and many others. After Lamda was appointed for the Ellinikon, I revisited Singapore, to see the Marina Bay development and specifically Marina Bay Sands. A truly successful global example.” He highlights MBS as an example of the importance of having established names when it comes to the design of a development – the Moshe Safdie landmark helped double the number of tourist arrivals in Singapore in eight years.
Still, it’s clear that the Ellinikon’s aspirations are very much focused on the wider world. “Our vision is not to create real-estate projects and venues in buildings, but experiences that make people’s lives better,” explains the CEO. “Sustainability is a fashionable word, but for us it is a very meaningful target that we are pursuing.”
Sales pitch aside, the development is ultimately an ode to the resolute spirit of a country that has struggled for years, but is now finally poised to take off. “Timing, probably for the first time in the last two decades, is in our favour,” mulls Athanasiou. “This is going to have a great effect on the way people perceive Greece. It cannot be measured in numbers today, but five years from now, it’s going to be significant. This puts Greece on the map again – for the right reasons this time.”
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Autor(en)/Author(s): Audrey Phoon
Quelle/Source: The Business Times, 11.07.2024
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