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Economy

Ellinikon’s Lamda Makes Time’s 100 Most Influential Companies List

ATHENS – The only Greek business to make Time magazine’s “100 Most Influential Companies in the World” list for 2024 is Lamda Development, leading the €8 billion ($8.65 billion) Ellinikon project on Athens’ coast.

This massive commercial development involves constructing luxury residences, high-end businesses and stores, a Hard Rock casino, marina for yachts, and a park as part of a touted Smart City embracing technology.

In a statement, the company expressed, “It is an honor that confirms its continuous commitment to creating model, innovative projects to the benefit of Greece and the Greeks,” although it’s largely geared towards the wealthy and foreign investors.

The project is the largest urban regeneration development in Europe, transforming what was supposed to be the continent’s largest urban park before Greece’s 2010-18 economic and austerity crisis pushed it towards commercial use. The Ellinikon project, described as the largest urban regeneration project in Europe and lying along the so-called Athens Riviera, is being recognized internationally and contributes to boosting Greece’s fame and image globally.

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 Riviera Tower, Greece’s first residential skyscraper, designed by Foster + Partners, has already seen all of its 170 units sold, as has Cove Villas, where all 28 homes are in new hands. Prices have already risen 15%, the report stated.

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 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% Greek, 25% overseas buyers, many of them from the Diaspora and expatriates.

Described as Europe’s biggest real estate scheme, three times the size of Monaco, the development is seen by many Athenians as signaling a sea change in the city’s, and indeed, the country’s fortunes, with its promise of long-term investment, added The Standard.

It lines a 3.5-kilometer (2.17-mile) area of the coast, although there wasn’t enough money to depress a busy six-lane roadway that will divide most of the site from the sea, only a partial tunnel with a pedestrian walkway above.

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