One of the most ambitious urban regeneration projects in central Athens is moving into the implementation phase, as GAIAOSE, launches non-binding expressions of interest for the redevelopment of the capital’s Larissis and Peloponnese railway stations.
The move marks a milestone transition from planning to the active search for investment partnerships aimed at creating a modern, multifunctional transportation hub in the heart of Athens. GAIAOSE, which holds exclusive responsibility for managing and developing the Greek state’s railway real estate assets, is effectively opening one of the city’s most significant and strategically located land portfolios to private investment proposals.
A Multifunctional Transport Hub
The two stations lie within the Unified Central Athens Railway Passenger Station complex, spanning approximately 100 acres near the city center.
Athens Railway Station (Larissis) is the country’s largest rail hub, serving the active network that connects the capital with major cities and towns across mainland Greece.
Adjacent to it stands the Peloponnese Railway Station, a property of exceptional historical and architectural importance. The station building opened in 1884 and bears the signature of architect Ernst Ziller, who later added its three distinctive vaulted terminal sections between 1912 and 1913, enriching the original design by French engineers Alfred Rondel and Adolphe Gautier.
Blending neoclassical references with art nouveau elements, the structure was designated a protected monument in 1985 and is often described as an architectural jewel.
GAIAOSE’s challenge to private investors is therefore twofold: to create a state-of-the-art transport hub while safeguarding and showcasing a historic landmark deeply embedded in the city’s collective memory.
A New Development Model
The non-binding expressions of interest mark the first stage of the tender process, aimed at gauging market appetite and gathering development ideas. Investors may propose either the unified long-term development of both neighboring stations or separate projects for each.
GAIAOSE’s management is steering toward the creation of a fully integrated, multifunctional transport hub connected to the active railway network and interlinked with other modes of transport, including the metro.
The 100-acre site offers scope for mixed-use development, potentially including retail spaces, tourism facilities, student housing, office buildings, cultural venues, and both above-ground and underground parking facilities.
Interested parties are invited to submit proposals by June 12, 2026. Their responses will help shape the final terms and structure of the formal tender to follow.
A Second Chance for the Peloponnese Station
Particular attention is being paid to restoration plans for the historic Peloponnese Station, which has remained closed since 2005 following the permanent shutdown of the old Peloponnese metric railway line. An earlier attempt to convert the site into a cultural center and railway museum stalled, largely due to funding constraints.
Today, GAIAOSE is reviving the project, aiming to transform the listed building on Railway Street in the district of Kolonos into a leisure and cultural venue capable of hosting events and promoting Greek products. Cooperation with local and regional authorities is also under consideration to ensure the project delivers broader benefits to the city and its residents.
The station’s architecture, often described as a miniature version of the headquarters of Chemins de fer Orientaux in Istanbul—albeit without strong oriental stylistic features—requires particularly careful handling. Balancing commercial viability with preservation of historical identity will be a critical test.
Catalyst for Urban Renewal
The intervention goes beyond transportation infrastructure. It could serve as a catalyst for broader urban regeneration in areas surrounding Liosion Street and Victoria Square, where large tracts of land remain underutilized. A modern transport and commercial hub is expected to boost land values, strengthen real estate demand, and trigger further investment activity.
Ultimately, however, the project’s success will hinge on two crucial factors: genuine respect for the historical character of the Peloponnese Station and ensuring the new complex remains a public transport infrastructure asset rather than devolving into a disconnected commercial center.
The next phase will reveal whether GAIAOSE’s ambitious plan becomes a model combining transport, culture, and entrepreneurship—or whether yet another opportunity to reshape Athens’ railway landscape will be lost.
What is certain is that the debate over the future of the two stations has now officially begun—and it concerns not only investors, but the entire capital.
