Abandoned Piraeus Tower Set to Shine 45 Years Later

Art installation on the Piraeus Tower. Archive photo – May 2019, Source: Municipality of Piraeus

A consortium made up of Cante Holdings Ltd (EBRD and property developer Dimand SA) and real estate firm Prodea (formerly NBG Pangaea) has tentatively been selected as the preferred bidder in a tender for the 99-year concession of the Piraeus Tower for an annual lease of at least 1 million euros.

The 22-storey tower, Piraeus municipality’s largest asset, had been in disuse for over 45 years. Under the agreement, the municipality retains the right to revise the annual lease upward by 2 percent each year.

The redevelopment plan budgeted at 41 million euros foresees a mixed-use approach to include parking and office spaces, tourism information areas, shops and cultural facilities, and is scheduled for competition in 33 months, the municipality said.

Photo Source: Municipality of Piraeus

As part of plans to develop Piraeus, Greece’s largest port, into one of Europe’s main cruise homeports as well as a leading container port, the municipality decided to move ahead with the tender particularly in view of increased demand by shipping, tourism, and transport interests for property and office space. The building stands at the entrance of the port.

According to developers, the overhaul of the 32,000m2 Piraeus Tower will focus on the use of sustainable materials and the creation of green zones.