ATHENS – Greece’s Lamda Development, which is behind the 8-billion euro ($8.67 billion) development of Ellinikon, a mix of commercial buildings, luxury residences, a park, casino, marina on the site of the abandoned former international airport, said it’s close to getting loans for two high-end malls there.

The Athens-listed company is reportedly in the final stages of signing an agreement to get 670 million euros ($726.18 million) to finance the Riviera Galleria and Ellinikon Mall on the site of Athens’ coast.

It wasn’t said who the financing institution was but Kathimerini said an analysis by Axia Research said the total cost of the malls featuring luxury goods is expected to be some 900 million euros ($975.46 million) that includes the cost of the land and accompanying infrastructure needs.

The loans will overcome the problem arising from the postponement of the listing of Lamda’s malls company, the report said, the company also owning the Athens Mall that the country’s highest administrative court said was built unlawfully.

There’s keen interest in Ellinikon’s luxury residences that are selling out fast even as the first floors are going up for the 50-story Riviera Tower, Greece’s first skyscraper, with 170 units on the beach and agreements for all of them.

Overall, there are 8,000 homes planned for the development, with the most upscale being those closest to the coast. Building on the Ellinikon is scheduled to complete in 10 years, with an expectation of creating 75,000 jobs.

The next phase to go up for sale is the Little Athens neighborhood, bringing about 1,115 new homes in its first phase. Situated near the northwestern coastline, the centerpiece of the neighborhood is Park Rise, a 50-meter (164 foot) block of flats designed by Bjarke Ingels Group.

At least one-third of the apartments have already been sold. The homes have not yet been marketed abroad, so buyers are currently 75 percent Greek and 25 percent overseas buyers, many of them from the Diaspora and expatriates.