3 November 2015 – Expansión
The judge at lower court number 54 in Madrid has lifted the temporary suspension imposed on the construction of Project Canalejas, located in the centre of Madrid.
The work to refurbish the complex – where Grupo Villar Mir wants to construct a Four Seasons hotel, a shopping arcade and luxury housing – has been suspended since 14 October, after a claim filed by the Basque company R&A Palace Gestión was accepted for processing.
The claimant denounced the alleged damage to the heritage of the seven buildings that comprise the complex, and which have different degrees of (historical) protection.
The Court in Madrid has taken the decision after the owner of OHL paid a pledge (aval) amounting to €163,000. Thanks to the legal decision, Villar Mir can resume the renovation work immediately.
The aval from the owner is significantly lower than the amount demanded by R&A Palace, which requested that it be equal to half of the total investment in the project, estimated at €500 million.
The Villar Mir complex had already been approved by the Town Hall of Madrid and the Community of Madrid after reductions were made to its buildable area. Following the agreement, Canalejas will house a 205-room hotel managed by Four Seasons, a retail space measuring 15,000 m2 managed by Grupo Villar Mir and around 22 luxury homes, which will be sold for c. €12,000/m2.
Original story: Expansión (by R.R.)
Translation: Carmel Drake