The 4 major real estate projects transforming Stadiou street in the centre of Athens

There are four major real estate projects, in progress or under completion, that are changing Stadiou Street, as iconic properties on one of the most central and commercial streets of Athens are changing their use and “transforming”.

The rapid growth of tourism in Athens in recent years has attracted more and more funds to invest in properties for tourism development in the city centre, such as the new NYX Esperia Palace on Stadiou Street, which first welcomed guests in 2023.

At the same time, the need for more modern offices has triggered the market for “green offices” throughout Athens (Syngrou Avenue, Maroussi, etc.) and in the city centre.

Here are the 4 major real estate projects on Stadiou Street.

Development of a new hotel on Stadiou & Emmanouil Benaki streets

A new hotel is being built in an old office building on Stadiou Street.

The property will be upgraded both in terms of energy efficiency and quality before being reintroduced to the market.

It is an old, 9-story office building from 1959, with an area of approximately 5,000 square meters, located in Athens, at the intersection of Stadiou and Em. Benaki streets. It is set to be transformed into a modern 4-star hotel, environmentally friendly, aiming to acquire LEED certification.

Πηγή: Blend Development / SIREC Energy

Sirec Energy’s investment was made through EuSIF, the first Greek fund with assets of €70m. which invests in sustainability projects.

Blend Development, of Dimitris and Pari Kallitsantsi, is the owner and developer of the project in which EuSIF is the largest investor.

This investment, with a total value of €25m, is part of the circular economy and energy upgrade and covers one of the most important objectives of the National Energy and Climate Plan (ESEK), that of the energy upgrade of the existing building stock, which is responsible for 40% of national energy consumption.

Το ακίνητο του ΕΦΚΑ στην οδό Σταδίου 58 και Αιόλου – Πηγή: Google

Development of property on Stadiou & Aiolou streets as a hotel

A new hotel is in the works on Stadiou Street, as the well-known EFKA property near Omonia was put up for development. The 2023 tender concerned the development of the organization’s property at 58 Stadiou Street.

The public tender carried out with the submission of sealed bids, concerned the leasing of the entire property with the aim of creating a hotel of at least 4 stars.

The lessee, according to the terms of the tender, is obliged to invest in a renovation-upgrading project of the property of at least 3.8 million euros.

The duration of the lease was set at 30 years with the possibility of an extension for an additional 10 years.

It is a self-contained, tiled roof, three-storey property with a total area of 3,105.00 square meters, with a basement, ground floor shops, a mezzanine, three floors above that and a small roof apartment.

It is located in the centre of Athens, at the intersection of Stadiou 58 and Aiolou 103 streets.

Access to the property is particularly easy, as it is located approximately 50 meters from the Omonia Metro and Electric Railway station, with many buses and trolley stops in various directions within a very short distance.

Administratively, the property belongs to the Municipality of Athens in the Attica Region and dates back to the end of the 19th century, before 1885; it is probably the work of the architect Lysandros Kavtatzoglou. It has been classified as preserved, being a typical example of Athenian neoclassicism of the 19th century.

The building has been erected according to the urban planning data of its time of construction. The current Building Factor of the plot (5.40) has not been covered by the existing building. Therefore, there is a Residual Building Factor of the property, which, however, cannot be developed/implemented due to the fact that it is a preserved building, and the addition of new buildings or interventions is not allowed.

The property has not been recently renovated, is not in use and furthermore, shows strong signs of abandonment, damage and vandalism. It needs total reconstruction in order to be used as a modern hotel building, which was its original use.

The renovation and re-opening of the building, which is one of the most emblematic properties in the area, is expected to make it once again a point of reference in one of the busiest and most commercial areas of the historical centre of Athens.

Αρσάκειο Μέγαρο – Φωτό: Τατιάνα Μπόλαρη / Eurokinissi

The new Food Hall at Arsakio

The works for the new Greek Food Hall in the Stoa Arsakeiou on Panepistimiou Street are in progress.

Before Easter 2023, the building permit was issued, paving the way for the start of work, which is expected to be completed in 2024.

The renovation of the property is expected to take place first, in accordance with what has been provided for in the building permit, then the space for the creation of shops will be shaped.

The architectural design will be carried out by the leading office BETAPLAN, while the technical company Exinos will undertake the work.

In the area of the Arsakeio Megaron, within the historic block of Stadiou, Panepistimiou, Pesmazoglou and Arsaki streets, a multi-purpose area will be created with shops selling Greek Mediterranean products, dining areas as well as shops that will have the so-called ‘fine fast food’, as it was presented in 2020.

Fast food, however, is healthy and adapted to the Greek Mediterranean diet. After all, this is the ultimate goal. To promote Greek products and the Greek Mediterranean diet to a wider market, also enabling e-commerce (in addition to the physical presence of any potential visitor or consumer), so that the country’s products can ‘travel’ and become available worldwide.

The Development Program includes the remodelling of the Stoa Vivliou, the Orpheus Stoa and the Atrium of Arsakeio, with a total area of 11,000 sq.m., while the spaces leased by the Council of State since 1984 will remain as they are.

According to information, the amount of investment for this first phase was estimated at 12 million euros, while 500 direct jobs are expected to be created.

Legendary Food, which has leased the space from Philekpedeftiki Etairia for the next 35+2 years at 1.2 million euros per year, will itself retain a percentage of approximately 30% of the commercial exploitation of the space while it will make available for lease the remaining 70% to other companies. The main aim will always be the promotion of the Greek Mediterranean diet.

It is noted that all of the above are according to the initial plans, which were announced during the presentation of the investment.

Το νέο “πράσινο” κτίριο γραφείων της Eurobank, στη Σταδίου – Φωτό: Tombazis & Associate Architects

Eurobank’s new “green” office building on Stadiou & Omirou streets

This building is at the intersection of Omirou 2 and Stadiou 12 streets, opposite the Old Parliament, which has already housed Eurobank’s top management offices since the beginning of 2024.

During the presentation of the building to representatives of the press, in January 2024, in the presence of the bank’s management, the managing director Fokion Karavias, the deputy managing director Stavros Ioannou, senior executives of the bank and representatives of the architectural offices, the special characteristics of this new ‘green’ building in the centre of Athens were highlighted.

The building that today is in the ownership of Eurobank was originally designed by the office of Ioannis Vikelas, and, in the past, it hosted the headquarters of the insurance company Phoenix. In its new, radically renovated form, it houses the offices of the bank’s top management.

The development of the building achieves an aesthetic upgrade and its integration into the urban fabric with a new, dynamic, modern and, at the same time, environmentally and energy-conscious identity.

In detail, the self-contained multi-storey building of 4,500 sq.m. on a plot of 430 sq.m. was acquired by Grivalia Properties AEEAP in June 2018. Grivalia’s investment plan (which was absorbed by the Eurobank Group in 2019) included the radical reconstruction of the building and its energy upgrade; a reference point was the aesthetic upgrade of the building facades. The aim was to turn it into a modern, high-standard building with bioclimatic features, according to international sustainability standards.

The architectural office of Alexandros N. Tombazis & Associates Architects undertook the design of the building. The construction of the project was entrusted to Contractor Ltd, while Grivalia Management managed the project.

As pointed out, the new Eurobank Administration Building is a highly symbolic project, promoting the relocation and reactivation of businesses in the centre of Athens, as well as a new model of moderate and sustainable operation of commercial real estate and highlights the growth prospects from the utilization of the buildings in the centre.

According to an update from the bank, the new morphological elements of the shell were chosen with a contemporary but also timeless and functional approach, avoiding ephemeral impressionism in forms and materials. They attribute and reintroduce the building to the city and its users, improving energetically and functionally, carefully interacting with its neighbouring buildings given its pivotal location.

Also, the total upgrade of the interior spaces and the creation of a green roof is achieved, with the aim of reaching optimal functionality and energy efficiency, creating a modern and ‘green’ office building with environmental certification according to the LEED standard.

The entire building was statically reinforced, and all electromechanical facilities were modernized. New traffic cores were created to meet modern fire safety requirements. The building can host approximately 100 workspaces, while on its roof, there is a green and recreational space for the building’s users.