Piraeus Tower to get new lease of life

Piraeus Tower to get new lease of life

After decades of failed efforts, the Piraeus Tower – formerly the Piraeus Shipping Center – finally appears destined for utilization.

Sources say that, in the next few days, the competent committee of the City of Piraeus will complete the tender process according to which the most likely contractor will be the consortium of Dimand Real Estate with the European Bank for Reconstruction and Development (EBRD), which has submitted a joint proposal with NBG Pangaea, the company which has just changed its name to Prodea Investments.

Although corporate officials appear optimistic the tender will end in their favor, the process has not been formally completed yet and a last-minute upset can’t be ruled out.

Should the above consortium be the preferred bidder, its aim will be the reconstruction of the 32,000-square meter property at the entrance of the port of Piraeus that has remained vacant since 1973.

The 50-million-euro investment plan provides for the development of a building of mixed use that will host retail commerce (probably on the ground floor), office spaces and a hotel, covering a series of needs at the port.

According to the tender’s terms, the annual rental should not be any lower than 900,000 euros plus value-added tax, with the lease seen lasting for 99 years.

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