Outgoing Lamda chief executive Odysseas Athanasiou spoke yesterday about the challenges facing the company’s new CEO as he reviewed his 18 years at the helm.At his final press conference as head of the group, Mr Athanasiou said much had been achieved at Europe’s largest urban regeneration project, but added that much remained to be done, particularly on critical issues such as upgrading the road network around Ellinikon.
The group’s next big challenges are building 7,500 homes and bringing Ellinikon into operation, with the first residents expected in the area from the start of the new year.
On the agreement with Italian group ION to develop a Research and Innovation Centre at Ellinikon, Mr Athanasiou said he was optimistic it would be finalised by the end of the year.
“The truth is that there has been a lot of activity since the summer, and especially from August onwards. I want to believe that we have a good chance of closing the deal. I believe there is a strong chance we will have something before Christmas,” he said.
Lamda’s strategy remains unchanged
In an emotional moment, Odysseas Athanasiou reviewed his time at the helm of Lamda Development. In 2009, the company had a portfolio worth €400 million, he said, while the group’s assets are now worth around €5 billion.
However, the strategy to be pursued by new CEO Evi Kostaki when she takes over at the start of the new year will not change from the current one.
With the new chief executive, the project is entering its second phase of development. About 1,500 homes are scheduled for delivery by late 2027 and early 2028, while the Agios Kosmas marina is expected to open by Easter. The Riviera Galleria is also scheduled to open in September that year.
Mr Athanasiou spoke about the next two major challenges for Lamda.
“I don’t know whether the most difficult part of Ellinikon is now behind us. Challenges remain, mainly on the construction side, involving the 7,500 homes and the rest of the park. There is, of course, also the challenge of making the city work, so that everything operates properly,” he said.
“However, a large part of the work has already been done. You know how difficult it is in Greece to secure approval for anything, let alone a project on this scale, to secure its financing and to get people to believe in it, amid changes of government, obstacles and all kinds of difficulties,” Mr Athanasiou explained.
How will Ellinikon operate?
With many construction projects under way as part of the regeneration scheme, operational issues are now coming to the fore, particularly traffic.
“On traffic, we have submitted a number of proposals to the government and offered to prepare studies free of charge, so that measures can be taken to ease congestion across the wider area, not just because of Ellinikon. The southern suburbs have come under significant strain since the pandemic,” the CEO said.
“For example, we have proposed extending the metro from its terminal station at Ellinikon to Glyfada, as well as works on the coastal road, Poseidonos Avenue and Vouliagmenis Avenue. Even for smaller measures, such as improving the operation of traffic lights, we have offered to cover the cost, although we are under no obligation to do so,” he said.
Lamda has also proposed funding a study into connecting Attiki Odos with Vouliagmenis Avenue, so that the latter can be turned into a high-speed road without traffic lights.
“Beyond that, our options are limited. We can make donations, take initiatives and draw attention to the issue. Unfortunately, there has been no meaningful progress so far. I believe the relevant processes need to be accelerated,” the CEO added.