Athens: Omonia square sparkles once again

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.

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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...