Located at the intersection of Stadiou and Aiolou Streets, just behind the former Lambropoulos department store, the 645.38-square-meter lot has remained largely unnoticed by locals and visitors alike.
What most passersby don’t realize is that this site belongs to the Maria Kasimati Trust, a charitable endowment that has now opened the door for its redevelopment.
Recently, the Decentralized Administration of Attica—a regional governing body in Greece—announced the launch of a tender process to lease the plot for a 50-year period. The chosen lessee will be required to undertake a complete redevelopment of the property, with a minimum investment of €5 million (excluding VAT). The plan is to create a high-end mixed-use commercial development on the buildable portion of the land, which amounts to 448.74 square meters.
The development may take the form of a boutique hotel, serviced apartments, or a combination of hospitality and retail spaces. Ground-floor shops, rooftop cafés or restaurants, and modern office spaces are among the possibilities. The structure of the tender allows potential investors to propose the specific mix of uses, depending on their market approach and business strategy.
Financial requirements are substantial. To participate, bidders must provide a bank guarantee of €250,000. Upon signing the lease, the selected investor will need to deposit an amount equal to 10% of the total project cost—or an equivalent bank guarantee—into the trust’s management. The monthly rent has been set at a minimum of €15,000, plus stamp duty, with annual adjustments tied to inflation. Notably, a three-year grace period on rent payments will be granted, beginning from the date the building permit is issued and lasting through the completion of construction.
The new development must be completed within three years of receiving the permit, and it will be officially approved by the regional authority once it meets all qualitative and quantitative standards.
