Athens: Omonia square sparkles once again

Millions are now being spent on refurbishing Omonia, which from a "slum" is turning into a prime time real estate cut

Investment fever is spreading on Aiolou Street, Athinas Street and Kotzia Square to Patision Street and the National Archaeological Museum, with investors maintaining high expectations for the return of the area to its bygone glory. It is characteristic that just the Brown Hotels chain has invested in the last two years in Omonia (and the surrounding area) in ten hotel units, while one of the big bets at the moment is to revive the “sleeping giant”, the department store Minion.

Dimand’s designs

After the “miracle” of Agios Dionysios in Piraeus, Dimand Real Estate is dynamically investing in Omonia, faithful to its long-term strategy of reconstructing buildings of historical importance, contributing to the regeneration and economic reactivation of the local market.

In addition to Minion, “a landmark and part of the city’s history”, Dimand has proceeded to purchase two more properties in the area.

The regeneration of the emblematic complex of the former Minion department store, for the acquisition of which Dimand offered around 26 million euros to the creditors of current owner, the Folli Follie firm, begins next month with the construction of the facade of the building, after a large part of studies has been completed.

In fact, the company is tapping the market for the future users of the former department store. According to Dimand announcements, the goal is to create a modern mixed-use bioclimatic building, with office and residential areas, but also commercial areas for shops and restaurants.

The investment is expected to reach 50 million euros (including the cost of acquiring the property) and is expected to be completed within three years. It is recalled that Dimand also developed Moxy, a city hotel now owned by Prodea.

Brown’s aim

The Israeli chain Brown Hotels continues to expand its portfolio around Omonia where today it already has four city hotels. And as Leon Avigad, Founder & Co-Owner of Brown Hotels states: “We don’t go to prime areas. For example, we are interested in the wider area of ​​Omonia as it has opportunities, lower prices compared to e.g. with the Constitution, and it is an area that is 10 minutes from the center.”

In 2023, the hotel company plans to open four more hotels in the wider area: on Evripidou Street with 63 rooms, on Themistokleous Street with 43 rooms, on Liosion Street with 42 rooms and near the Polytechnic and the Archaeological Museum with 93 rooms.

Another hotel of the chain, Lycourgou Cup, at the junction of Sokratous and Lykourgou streets, is in the works, which will have a capacity of 219 rooms and will be Brown’s luxury addition to the city center.

Retail trade

Although the first reason seems to be the hospitality industry, a significant share of the investments is also claimed by retail trade, while the burning desire of private individuals and the State is to repopulate the center in order to remove the risk of the area becoming exclusively an entertainment area.

In terms of commercial real estate, Prodea is looking for a new tenant for the corner store at 28th October 3rd Street and Panepistimiou Street, in the old National Bank building. Until recently – and for the previous four years – a shop of the Greek cosmetics chain Galerie de Beaute operated on this property, which has closed.

At the same time, developments are also expected on the opposite side of the square, specifically behind the Hondos Center of Omonia, on the plot of EFKA social security fund, at the junction of M. Kotopoulis 7 and Satovriandou streets. It is said that Nikos Hontos is studying the utilization of the property, as he was declared the contractor in a related competition of the fund. Based on the building conditions, the development of a building with an area of 2,000 sq.m. is deemed feasible.