The marina at Agios Kosmas is losing berths on purpose. In the nine-month results it presented on 19 December 2025, LAMDA Development recorded a gradual decline in the number of berths available at the harbour it holds on the Athens Riviera, and gave the reason plainly: renovation works have commenced. A marina that has stood on this shore with 337 berths for yachts of 10 to 60 metres is being taken apart to be rebuilt as The Ellinikon Marina, 306 berths at the seaward edge of one of the largest urban redevelopments in Europe. For the seasons in between, Attica has less room than it had.
A harbour emptying by design
The company’s own account of the work is unadorned. A gradual reduction in available berths is under way as upgrading works have commenced, aimed at the modernisation of the marina’s infrastructure and services and at its spatial redesign, so that it can accommodate larger vessels. LAMDA set that out in its half-year accounts for 2025 and repeated the consequence in December, where the shrinking berth count sits in the ledger as the one drag on a marina business that otherwise grew.
The arithmetic is worth pausing on. Through the first half of 2025 both of the group’s Attic marinas — Flisvos at Palaio Faliro and Agios Kosmas — were operating at full capacity, 100 per cent taken. A full harbour that begins to withdraw berths is not releasing slack; it is removing places that were held. Boats that lay at Agios Kosmas have had to lie somewhere else, and the coast that absorbs them is the same coast that was already full.
The rebuild is part-financed by the state. By 30 June 2025, €7.4 million had been received from the Hellenic Republic under the Recovery and Resilience Facility towards the renovation works at the marina.
What replaces it
The finished harbour is drawn as 306 berths, and the name it will carry is The Ellinikon Marina. What changes most is not the water but what stands behind it. The coastal front the marina anchors runs to 1 kilometre of beach, two hotels and more than 100 shops, cafés and restaurants — a waterfront rather than a service quay with a car park behind it.
Directly in front of the marina rises Riviera Galleria, drawn by Kengo Kuma and Associates: 23,000 square metres beneath a wavy canopy the architect took from the sails of sailboats, with the Greek architectural practice BETAPLAN completing the study and Eleftheria Deko holding the lighting. In its December 2025 results LAMDA reported the building progressing on schedule and on budget.
Above both stands Riviera Tower, at 200 metres the tallest green seaside skyscraper in the Mediterranean, carrying 170 residences across 50 floors. Construction began in August 2022; a revised schedule agreed with its contractor in 2025 puts completion in the second quarter of 2027. A yacht lying at Agios Kosmas in 2028 will be moored beneath a tower, a galleria and a kilometre of new beach, none of which existed when its owner last came in.
The chain of three
Agios Kosmas is one of three harbours held by the same house. LAMDA Marinas Investments, whose managing director Stavros Katsikadis has run Flisvos since its own development years, holds both Attic marinas; a third is being built on Corfu, drawn as 410 berths for vessels of 30 to 140 metres and positioned as the third most significant marina in Greece.
The pieces are arranged as a route. Flisvos holds 310 berths, more than half of them tailored to yachts above 30 metres. Agios Kosmas is being redesigned for larger vessels than it has taken before. Corfu opens the Ionian at the other end of the country. In October 2025, at the ICOMIA World Marinas Conference in Venice, Katsikadis took both before the international industry in turn — Flisvos for its sustainable upgrading, Agios Kosmas as the state of the art.
What it changes
For a client who keeps a vessel in Attica, the near term is the harder part. The work is running through the seasons in which the coast is most sought, and it is subtracting berths from a shore already at capacity. Where a yacht lies in 2026 and 2027 is a question with fewer answers than it had in 2024, and the answers that remain — Flisvos, the Saronic harbours, the yards further round the coast — are being asked to hold more.
What follows is a different kind of address. Agios Kosmas has been a working harbour on the southern Attic coast beside Glyfada, under LAMDA’s management since July 2021 and, before the drawings, little more than that. It reopens as the water’s edge of a city district, with a beach, a galleria and a tower where the perimeter fence used to run. Whether a marina set inside a property development keeps its discipline as a working harbour — depth, service, quiet — is the question that will decide it. The drawings promise a promenade. Owners will judge it on the fuel dock.
The house makes the introduction, for those who ask.
