Greece rises from a decade of crisis … The Ellinikon, between the Athens Acropolis and Aegean Sea, is Europe’s largest regeneration project, on the site of the 2004 Olympics

February 12, 2024

Driving out of Athens this week, away from the awe of the Acropolis, the majesty of the Panathenaic Stadium, and long lunches of Plaka, I headed down the coastal road. On my right was the beautiful, glimmering Aegean Sea. On my left was mile after mile of construction site.

After Greece’s economic crisis of the last decade, it is firmly now on an upwards economic trajectory. And this, place – variously described as a smart, sustainable megacity, and a coastal park – is the largest redevelopment project in Europe, and a great example of returning Greek confidence.

Lamda Development’s ambitious $8 billion Ellinikon project rises from the Mediterranean coastline, on land which once served as an international airport and the site of the 2004 Olympics.

The Ellinikon project boasts impressive features, including a 1-km-long public beach and one of the world’s largest coastal parks—effectively doubling the green space available to Athens residents.

Among its offerings are thousands of luxury apartments, shopping centres, hotels, offices, entertainment venues, and even a university. Additionally, the development incorporates forward-looking infrastructure, such as electric vehicle stations and rainwater capture systems.

Privately financed by Lamda, this monumental project is expected to generate thousands of jobs, attract tourists, and contribute approximately 2.4% to Greece’s GDP—an economic boost that aligns with Greek Prime Minister Kyriakos Mitsotakis’ focus on growth.

Lamda Development’s CEO, Odisseas Athanasiou, aptly describes it as a venture that puts Greece on the global map for all the right reasons.