The new residential project with 219 apartments within the former Elliniko airport site by Aura Residential SA, which includes a complex of four high-rise buildings up to 50 meters high on an area of 16 acres, is moving to the next step of environmental licensing.

This is the new residential complex designed and implemented by the joint venture formed by the Latsis Group through Xeris Ventures (80%) in partnership with Elliniko S.A., a subsidiary of Lamda Development (20%), having now proceeded with the permitting process, with the completion of the procedures for the submission to standard environmental obligations for the first phase of the project, i.e. the permit for excavation and construction of retaining walls.

Overview of the Project’s Financials and Development Plan

Based on the latest assessment report from late 2024, the market value of the 15,944-square-meter plot is estimated at €33.13 million. The capital expenditures (CAPEX) for constructing four residential buildings are expected to reach around €170 million, while infrastructure costs are projected at approximately €11.5 million.

What the Project Includes

The land has a maximum allowable building footprint of 4,783 m² and a total buildable area of 28,699 m², mainly designated for residential use. The development also includes a small café and two underground floors for parking and auxiliary spaces. The site is directly adjacent to the Metropolitan Park and offers sea views.

According to the architectural plans, about 26,300 m² will be divided among 219 apartments of various sizes (1 to 4 bedrooms). The café will cover about 200 m².

Facilities and Layout

The design features 287 parking spaces spread over the two underground levels. The complex will offer residences both for rent and sale.

• The first building (T1) will have 11 above-ground floors, including 5,832 m² of living space and a standalone café.
• The second (T2) will cover 6,418 m² with 12 floors.
• The third (T3) will have 5,832 m² across 11 floors.
• The fourth building (T4) will offer 8,239 m² on 11 floors, with the top five floors gradually set back, including green terraces and small outdoor pools for residents.

Capacity and Use

The complex can accommodate about 1,570 people, with a maximum resident count of about 1,460. Under normal occupancy, about 70% (roughly 1,020 people) will be daily users.

To avoid dense construction and maintain harmony with the surrounding area, four separate buildings have been planned. This approach creates a welcoming, human-scale environment and maximizes outdoor space, complementing the Metropolitan Park and nearby green areas. The layout also allows landscaped spaces to extend under the buildings.

At this stage of environmental permitting, the removal of three existing trees is planned. These trees cannot be transplanted due to extensive damage and disease.

Surrounding Environment and Design Features

The buildings’ perimeter arrangement forms a large central garden, integrating the ground-level outdoor spaces and extending toward the western and southern sidewalks and the Metropolitan Park to the east. The outdoor areas are elevated relative to surrounding streets, allowing smooth transitions between private and public spaces while offering panoramic views from the garden.

The design incorporates bioclimatic principles. High ceilings on the ground floors (pilotis) allow natural airflow beneath the residential floors, helping to regulate temperatures passively. Pedestrian movement and gentle mobility are prioritized, with vehicle access limited to service and emergency vehicles only. Private cars are confined to underground parking.