The architecture of the Neo Faliro suburb of Piraeus began to be dominated by neoclassical and eclectic style buildings from the last quarter of the 19th century. Less known for this feature than the centre of Athens, this neighbourhood was, thanks to its proximity to the sea, and until the first decades of the 20th century, a new summer holiday destination for wealthy Athenian families. Subsequently, the gradual increase in real estate development was linked to flats-for-land based contracts (known as the antiparochi system) with no consideration, in most cases, for the previous constructions. This new development model was influenced by the socio-economic context of the time, as the increase in the number of permanent residents and the subsequent changes in the neighbourhood required buildings that were more functional and adapted to an increasingly hectic lifestyle. This paper aims to demonstrate the uninterrupted presence of the historic buildings of Neo Faliro and to contribute to the broader scientific debate on the management of architectural memory in the contemporary period, and more particularly, on the link between (neo-) classical morphology and Western representations of Hellenism throughout the 19th century. It is of particular interest in the study of the symbolism of the historic buildings of Neo Faliro. The renewal of the local architectural memory, and its relationship with contemporary issues at different levels, may contribute to the understanding of internal contradictions as well as to the necessary paradigm shift.