Commencement of Redevelopment Works at the Historic Keranis Building

Keranis Residences: A Landmark Reborn

Mercan Greece, a member of the Mercan Group, successfully held its official event, “Keranis Residences: A Landmark Reborn,” marking the launch of works for the flagship redevelopment of the historic Keranis building in Piraeus. The landmark project transforms the historic factory of the Keranis tobacco industry into a modern, 29,900 sq.m. mixed-use complex featuring 408 fully furnished residences and comprehensive supporting services.

The event was attended by high-profile representatives from politics, the church, the business sector, local government, institutional associations of the Piraeus business community, and the local society, underscoring the project's significance for the city's future. The strong presence of institutional and social bodies highlighted the broader developmental, social, and symbolic impact of this major investment for Piraeus.

A Vision for Modern Living and Community

Keranis Residences has been developed with the goal of offering much more than a standard residential complex, creating a modern living environment that seamlessly combines comfort, a high quality of life, and a strong sense of community.

The premier facilities include:

• An impressive rooftop featuring panoramic views.
• Dedicated dining and leisure areas, a cafeteria, and a mini-market.
• On-site offices and a fully equipped fitness center.
• Carefully designed outdoor spaces that encourage relaxation and social interaction.

The project is complemented by a range of modern infrastructure and services tailored to meet the demands of a contemporary lifestyle. According to the project’s investment plan, it aspires to breathe new life into the area, generate sustainable economic and social value, and strengthen the property's connection with the urban fabric and daily life of Piraeus.

Particular emphasis was placed on the social dimension of the project. The operation of Keranis Residences is part of a broader vision for urban regeneration that aims to bolster housing availability, support the local marketplace, enhance mobility, and revitalize the surrounding neighborhood. Positioning the project as a vibrant new landmark for residents, visitors, and professionals is directly linked to creating a lasting, positive footprint on the local community.

Strategic Project Partners

The general contractor for the project is Whitestone. With proven experience in industrial, commercial, hospitality, and real estate development projects, Whitestone has contributed to the successful implementation of a wide range of complex developments across Greece and Europe. As part of the Keranis Project, its participation focuses on the efficient execution of the development, ensuring strict adherence to the schedule, technical specifications, quality requirements, and sustainability goals.

The Project Manager for the development is Arbitrage Development. As one of the leading technical real estate consulting and project development management firms, Arbitrage Development has undertaken the overall coordination and implementation of the Keranis building redevelopment. The company's responsibilities include managing the tendering process, construction supervision, cost control, and quality assurance. With its deep expertise and hands-on approach, it will ensure the successful delivery of an energy-efficient and iconic project.

Official Statements

Mr. Jerry Morgan, President of Mercan Group:

"Mercan is a Canadian company with 37 years of experience and a successful presence in the industry. We have significant activity in the hospitality sector across various countries and markets.

We believe that the Keranis project has all the prerequisites to evolve into a true point of reference for Piraeus. Concurrently in Greece, we are developing a 300-room hotel complex in Corfu. We highly value our investments in the country and wish to actively participate in new growth and investment opportunities in the future."

Mr. Ioannis Moralis, Mayor of Piraeus:

"The redevelopment of the Keranis building is another important step in our strategy; an investment that concerns not just a single property, but the overall upgrade of the area and the creation of a new development dynamic.

Together, we can transform buildings that currently do not honor the image of our city or its neighborhoods, and turn them into focal points of development, life, and future prospects. It is entirely achievable. It requires political will, a plan, and hard work."

About Keranis Residences

Keranis Residences is a landmark project by Mercan Greece, a member of the international Mercan Group. The project involves the comprehensive redevelopment of the historic Keranis building in Piraeus into a premier mixed-use complex featuring 408 residences and complementary uses. The project is situated in a strategic location, offering immediate access to the Port of Piraeus, the city center of Athens, and the Athenian Riviera via major key transportation networks.