Plans for Piraeus Tower get the nod in property boost for port area
Greece’s Central Council of Architecture has signed off on the makeover of the Piraeus Tower, a landmark building located at the country’s largest port.
Located in the hub of Greece’s shipping industry, the 75-million-euro project is seen as having a big impact on the local real estate market (residential and commercial) in an area with improving infrastructure.
The council, which is part of the Energy and Environment Ministry, approved the plans that include a makeover of the 22-story building that has been abandoned for nearly 50 years.
It will provide a combination of retail stores, restaurants and offices space, covering 29,150 square meters (above ground) and an additional 3,500 square metres below ground.
Real estate investment company (REIC) Prodea, along with the European Bank for Reconstruction and Redevelopment and property developer Dimand, are behind the makeover that is based on a 99 year concession deal.
Architects PILA have been appointed to redesign the facade of the building.
Built-in 1973, the tower has never been used, except for the first two floors. The municipality decided to move ahead with its redevelopment amidst strong demand for commercial real estate in the area, particularly from shipping, tourism and transport companies.