Cordish Intensifies Its Commitment To Its Mega Project In Madrid

21 March 2017 – Expansión

The implementation of a waste plant next to the site and a request for more information from the Community of Madrid have not deterred the US group Cordish in its plans to invest €2,000 million on the construction of the largest tourist and leisure complex in Europe.

Last December, Cordish, a US group with operations in the urban planning, health and leisure resorts business, unveiled its plans for a mega real estate project in Madrid, which includes 2,700 hotel rooms, 100,000 m2 of retail space, three conference centres, cinemas and a leisure space with casino.

With a view to its implementation, Cordish has signed agreements to buy land in the area (up to 134 hectares). (…).

In parallel, Cordish is working with the Community of Madrid on a process that will allow it to be awarded the contract to build this project. Although the idea came from the US group, given that it has constructed similar tourist complexes in several cities in the USA, the regional Government is obliged to put its construction out to public tender, even though, it is likely that only Cordish will submit a bid. (…).

Recycling plant

(…). Weeks after the plans were submitted, approval was given for the opening of a new waste treatment plant, measuring 507,000 m2, between the towns of Torrejón de Ardoz, Loeches and Torres de la Alameda, which is exactly where the macro-complex was going to be located.

Nevertheless, Cordish considers that its plans for Live! Resort Madrid are “completely compatible” with the new plant.

“This recycling plant will be equipped with the latest technology and will be located 2 km from the edge of the leisure complex and on the other side of the AVE train tracks. In fact, Cordish understands that this plant is going to be the solution to the historical problem facing the Community of Madrid in terms of waste management and considers that both projects can co-exist and will even be beneficial for each other”, explain sources at the company.

During its initial phase, Life! Resorts Madrid will invest around €500 million. This first phase will be focused around a central square, where a hotel will be built, a convention centre and “probably” the gaming area.

In total, Cordish expects to spend around €2,200 million in Madrid, although that figure could increase to €3,000 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

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