ECONOMY

Three mall projects on Kifissou Avenue

three-mall-projects-on-kifissou-avenue

Three new investments for the development of commercial parks along Kifissou Avenue in western Athens, particularly along its southern section from Akadimia Platonos to Neo Faliro, are set to upgrade the broader area and cover the existing gap in organized commerce. These are projects totaling 60 million euros, two of which are being implemented by foreign property development groups – American company Hines and Dutch peer Ten Brinke.

The latter is developing the long-abandoned property of the former VIS packaging factory at Neo Faliro. A new commercial park with bioclimatic features is currently being constructed there, with the built area to add up to 13,000 square meters, including underground parking spaces.

The investment is expected to come to €20 million and provides for 6,700 sq.m. on the ground level and 5,900 sq.m. on the first floor, along with 400 parking slots. The target set for the completion of construction is June 2021. The opening may even take place in spring next year, depending on the course of the pandemic.

The utilization of the plot constitutes a significant success for the Greek branch of Ten Brinke, after Israeli company Plaza Centers tried for two decades to build a mall there.

The other such investment heading for completion in the coming months is the expansion of the existing River West shopping center. This is another €20 million project that will add 25,000 sq.m. on a nearby plot leased by Viohalco subsidiary Noval Property REIC. Viohalco is the owner and operator of River West. The objective of the additional commercial spaces is to enhance the appeal of the mall as a consumer destination, as more chains and possibly entertainment spaces will be added. There are already provisional agreements for the leasing of space by Moustakas Toys and Decathlon Sports in the new building.

Hines is also proceeding with its development at the former Mouzakis textile plant in Akadimia Platonos. June saw the launch of the first stage of the project, with the operation of a new Leroy Merlin store covering 12,000 sq.m. The first floor’s construction is still pending, and it will be leased by another company.