Turning old factories into homes

More than half a billion euros is expected to be invested by the end of the decade in converting old industrial properties into mixed-use complexes, with a focus on housing.

Those investing in these regenerations are designing modern “neighborhoods” and vibrant spaces, which in addition to housing will combine green and recreational areas, cultural uses, shops and restaurants, while, depending on the project, possibly also a hotel or serviced apartments, also targeting a different audience.

Among the new arrivals on the investment map is the large project that has been launched by DKG Development in Piraeus. This is estimated to require a total of €200 million euros, which will come from a combination of equity and bank loans for the reconstruction and regeneration of a series of buildings and old factories.

A total of 10 buildings will be utilized, with a buildable area of 85,000 square meters, with 65% of it being apartments, 15% commercial stores and an additional 7% in offices. The project is called Piraeus Gate and is being developed in various phases, the first of which foresees the utilization of five buildings with a total area of 26,930 sq.m.

Further north on Pireos Street, Noval Property of the Viohalco group is continuing the licensing process of the redevelopment of the old Halcor property. The goal of the €170 million investment is to transform the area, so as to create the first green neighborhood in the country.

Nearby is the old Delta dairy plant, in Tavros. The Froneri property was acquired about a year ago by the MRP Development group, one of the largest developers in the Netherlands. The property contains 20,000 sq.m. of buildings. The company’s plans have not yet been made public, however, market sources estimate that a broader redevelopment of the complex is possible, through the creation of a cluster of residences, shops and dining and leisure areas.

Likewise, in western Thessaloniki, Dimand Real Estate received the green light, through the issue of a presidential decree, for transforming the old Fix brewery, on an area of 25,000 sq.m., into a multipurpose accommodation, hospitality and recreation space.

Source: Turning old factories into homes | eKathimerini.com