Lamda Development’s CEO on Friday told market analysts that the 50-floor “skeleton” of the Riviera Tower, the most iconic project at the massive coastal property redevelopment project now known as The Ellinikon, is expected to be completed by May, slightly ahead of the original schedule of June 2026.
CEO Odysseas Athanasiou also said work is accelerating on other main fronts, such as façades and mechanical systems, aiming for apartment owners to begin moving in by the summer 2027. He also pledged that infrastructure work continues on a steady pace, with the goal of delivering units to buyers within 2027.
Beyond the specific project, he highlighted Lamda Development’s financial performance, noting profits exceeding 90 million euros, nearly double compared to the previous year, and with its portfolio value approaching four billion euros.
The Riviera Tower
“The improvement was uniform across all investment assets, with shopping centers showing a 4% improvement in EBITDA and key indicators (sales, occupancy, foot traffic, parking revenues) at historic highs. The marinas recorded a 6% increase despite construction at the Agios Kosmas Marina, with total EBITDA from investment assets exceeding €100 million,” he noted.
Riviera Galleria in spring 2027
In terms of shopping centers at the coastal site, Athanasiou said the Riviera Galleria is under construction, with completion expected by late 2026 or early 2027, and operations scheduled to commence in the spring of 2027.
