The Ellinikon: A world-class destination from the future
Theodoros Gavriilidis, Chief Investment Officer of Lamda Development, welcomes Tasos Zachos at The Ellinikon and talks about the “15-minute city”, the regeneration of the coastal front, and the creation of the largest coastal metropolitan park in Europe.
- 14/07/2025, 12:31
The Ellinikon is not just a redevelopment project. It is the largest urban regeneration project in Europe, launched by a Greek company, Lamda Development, and is a new proposal for what a modern, sustainable, “smart” city can be. The project covers an area of 6.2 million sq. m., redefines the way we live, move and connect and, at the same time, changes the Athenian Riviera, which is becoming a reference point and a tourist “hotspot” not only for Greece, but also for Europe.
With this new world-class destination and the great challenges of the project as our starting point, we met at the Ellinikon Experience Centre with Theodoros A. Gavriilidis, Chief Investment Officer of Lamda Development, in an effort to bring to you images of the future!
We are at the Ellinikon Experience Centre, which takes us on a journey through the vision of The Ellinikon for a sustainable, smart and innovative city. With the project in full swing, how do you feel about the city of the future that is being built?
This historic area, which previously served as one of the hangars of the Hellenic Air Force, has now been renovated and today hosts the vision for The Ellinikon. The journey for the project began in 2013, during the difficult period of the economic crisis, when the first discussions and cost-benefit assessments were taking place. From the initial plans on paper, we moved on to models and now we see the project being gradually implemented, as witnessed by those driving along Poseidonos and Vouliagmeni Avenues.
This development fills me with emotion for the path we have taken to date. It also makes me feel a sense of responsibility to co-shape something that will impact people’s lives for many years to come. And this is something that we take very seriously into account.
What are the key characteristics that make The Ellinikon a project of international scope?
First of all, its size is unique. It is an urban project covering an area of 6.2 million square meters – three times the size of the city of Monaco – with a 3.5-kilometer waterfront, essentially creating a new city inside the city. At the same time, it includes a metropolitan park of approximately two million square meters – larger than London’s Hyde Park – which corresponds to approximately 1/3 of the total area. This park will be the largest seaside park in the country and, most importantly, will be open and accessible to everyone.
Another key feature that makes the project unique is the “15-minute concept”. The resident of The Ellinikon will be able to get to work, do their shopping, exercise or have access to high-quality health and education services in just 15 minutes– either on foot or by bicycle.
What you are describing, in fact, shapes a new model of urban identity, both for the Ellinikon area and for Athens more broadly.
Although I am not an architect – a profession that I truly admire – I believe that The Ellinikon redefines the way we perceive a city. It provides a public open space that Athens so desperately needs, through a large metropolitan park and the waterfront. It combines cutting-edge technology with sustainability, shaping a new, modern way of life. It is what we at Lamda Development call “Redesigning Living”.
How will The Ellinikon simultaneously become a smart and green city?
Greece can truly pioneer in this field and The Ellinikon proves it. We designed the project from scratch, combining technology and sustainability as interrelated pillars, with the aim of creating a new way of life – a city worth living in.Sustainability for us is not a theory; it is practice. We implement sustainable development strategies that focus on decarbonization – that is, reducing the environmental footprint, saving natural resources and water – while at the same time taking care of the well-being of residents and the wider community. We have set specific carbon footprint reduction targets by 2030, which are available on our website, and we are committed to achieving a true circular economy.
In a project as complex and large-scale as The Ellinikon, how easy is it to strike the balance among innovation, sustainability and real progress?
Clearly, it is not easy at all, because it is a long-term investment. We are called upon to allocate significant resources from the outset for something that may not yield immediate financial benefits. In the long run, however, what seems innovative today becomes the new self-evident. You become competitive because you set new standards, which the others are called upon to follow. At The Ellinikon, nothing was a given. Everything started from scratch and this is perhaps the greatest challenge, but also the beauty of working on such a project.
Great architects are collaborating on the project, with sustainability permeating every aspect of the design – even in the grand skyscraper of the Riviera Tower, which will also be the tallest skyscraper in Europe.
Indeed, Riviera Tower is the first green skyscraper in Greece and one of the tallest sustainable skyscrapers in Europe. As we speak, its construction is already almost halfway through. At Riviera Tower, nature comes into the building, while the combination of vegetation and water elements enhances its bioclimatic character.
Also, other emblematic projects such as Riviera Galleria and The Ellinikon Mall have been pre-certified at the LEED Gold level, which demonstrates our commitment to energy efficiency, renewable energy sources, water conservation and the use of sustainable materials. Nevertheless, sustainability does not stop there. It is visible everywhere in The Ellinikon – from the Experience Park, which is already enjoyed by thousands of citizens, to the central concept of the project, which places nature and people at the centre.
With the project moving forward at a rapid pace, what are the biggest challenges you face and at what stage exactly is it?
The project is now fully in the construction phase. We see the tower rising, the infrastructure projects evolving, the undergrounding of Poseidonos Avenue progressing, new residences, the beachfront, the park, and the sports centre that will be delivered in a few months. There is intense activity in all sectors.
The challenges are many and they are part of our daily lives. Perhaps the greatest challenge is the complexity of the project that creates an entire city from scratch, with infrastructure, environmental and social parameters that must be taken into account. Equally important is the cooperation with the surrounding municipalities, where honesty and trust are “keys” to integrating the needs of the area.
At the same time, the project is evolving in a difficult environment: from the economic crisis and the pandemic to the war in Ukraine, increasing energy costs and inflation, and now the lack of labor. We are facing all of this methodically with careful planning and perseverance.
What is the message sent by the fact that such a project is being implemented by a Greek company, such as Lamda Development?
Clearly, it sends a very strong message and fills us with pride – for our country, for the company and for the entire team – both inside and outside Lamda – that is implementing the project. The Ellinikon is a response that refutes the image of Greece as a country where nothing happens, a response to introversion and misery. It shows that when the country wants to, it can plan, set goals and carry out important projects with self-confidence.
The fact that the project is being carried out by a Greek company, with Greek engineers and workers, redefines the way we see ourselves and our country. Since we can complete this great project, imagine what a small country like Greece can achieve – to become a leader in specific sectors and inspire other countries; to become a country that leads, instead of following others. The Ellinikon is an example, but also a national goal, which society embraces and co-shapes. This responsibility gives us the strength and perseverance to carry it out in the best possible way.
How do you feel that Lamda Development is ranked as one of the most influential companies in the world, according to Time magazine?
We feel immense pride in being included in Time magazine’s list of the Time100 Most Influential Companies worldwide, alongside global giants like Amazon and Microsoft.
Our greatest achievement is that from a small team of 50–60 people, we have grown into an organization of over 700, attracting talent from around the world – many of whom returned to Greece because of The Ellinikon project. If I had to sum it up in one phrase, I would say: we built a new company to build a new city. Moreover, we have succeeded in gaining the trust of society, which now embraces the project, eagerly anticipates it, and wants to see it completed quickly.
What sets Lamda apart from others in the industry is that we don’t just build properties, we redefine urban living. We create destinations and build experiences that combine public space, technology, nature, aesthetics, and quality. Thus, with The Ellinikon as our springboard, we are in a position to achieve new goals and enter new markets in the future – not just in Greece, but internationally. In addition, Lamda’s experience with large shopping centers strengthens its customer-centric approach. We don’t design in isolation, from an office – we design based on the needs of the residents, workers, and users of the project.
Published in “White Paper: The Big Business of the South”, NouPou Media’s special edition spotlighting the current landscape and future prospects of the Athens Riviera.