Property deals boost the road to Piraeus in Athens

 

The face of Piraeus Street, one of the busiest roads in Athens, is set to change.

 

A series of property investments on the road, connecting the port of Piraeus with the city center, has been announced for the next two years from investors such as US Hines and Greece's Viohalco group, along with state bodies such as the Athens municipality. At the same time, talk is growing that investments in the area that had been previously frozen for years will move ahead, such as the planned shopping mall by Portugal's Sonae Sierra, next to the Karaiskaki sports stadium.

 

Plans to complete a makeover of Piraeus Street, which features old factories and abandoned homes, were drawn up in the nineties but failed to get off the ground. Growth in tourism, in combination with the need to build new retail outlets in Athens, has helped increase investor interest in the area.

 

One of the big deals to take place is the recent acquisition of the Athens Heart shopping mall by Hines. the US company will renovate the mall and turn it into a discount center under the name Gazi Outlet. It took more than a year of negotiations between Hines and the seller, Pasal, in order for an agreement to be reached. Renovations' work on the mall, which will include the addition of multiplex cinemas, is expected to be completed by the start of 2021.

 

In the next few weeks, another major step will be made on one more large project in the district. Business Daily has learned that Greece's joint ministerial committee on strategic investments is expected to give the green light to a 117 million euro hotel to be built by Viohalco, allowing for the faster implementation of the investment. It will be located at 252 Piraeus street, Tavros, and will include conference facilities and medical services.

 

Meanwhile, the Athens municipality is also looking into ways to develop its assets in the area. It agreed recently with the municipality of Moschatos to launch procedures regarding the development of the old abattoir on Piraeus Street. The strategic plan for the listed buildings covering 1,400 square meters has been prepared by consultants Trek Development. The council's property could be used to accommodate cultural and sports events, food services and outdoor events.