The Greek State, through HRADF, owned approximately 44% indivisibly of the property, which has been listed as a Historical Monument. In the summer of 2017, the Fais group purchased 43.6% from HRADF for a consideration of €1.9 million and gradually acquired 57% in total.
The Modiano Market or Stoa Modiano, officially a Central Food Market, is a covered market in the center of Thessaloniki. The market building was constructed by architect J. Oliphant and the engineer and owner of the project, Eli Modiano.
Construction of the Market began in 1922 and completed in 1925, and the Market opened in 1930. It was built in the area of the burnt zone, an area destroyed by the 1917 fire and rebuilt with the Hebrard Plan. Before the fire, this was the location of the Talmud Torah synagogue and its homonymous plot in the Kadi Jewish quarter. It was designated a listed building in 1983 by the Ministry of Environment and it was listed as a Historical Monument in 1995 by the Ministry of Culture because “it is a characteristic example of a Covered Market Building”.
The market was gradually abandoned in the 1990s, with stores closing down, as they failed to renew their operating license for public health reasons. In 2017, the building was deemed to be structurally unsuitable and dangerous by the Thessaloniki urban planning authority, due to lack of maintenance, which result in its shutting down.
The renovation works began in the summer of 2020 and were completed in October 2022. The renovated market was opened to the public on 5 December 2022. Some 75 stores operate in the renovated market. The property is located in the Historical Centre of the city of Thessaloniki. The Central Food Market of Thessaloniki was built in 1925 in the commercial center of Thessaloniki, between the modern Vasileos Irakleiou and Ermou streets.
It is the largest preserved and now famous food market of the historical center of Thessaloniki, with a great historical importance. The property is one of the city’s landmarks and is internationally known. The building’s architecture has many features common with the first industrial buildings of the city from the late 19th century, and buildings in the central markets of Paris. The building complex of Modiano Market has double frontage on the central roads of 24 Ermou Street and 33 Vasileos Irakleiou Street. The building is easily accessible from both roads and is located at a distance of 2.5 km from the new railroad station and 2.5 km from the Thessaloniki port.
