24/10/2014 – El Confidencial
At the plenary session scheduled for the end of November, Madrid City Council is going to approve an amendment in the General Planning Scheme (PGOUM by its acronym in Spanish) for Madrid which will give the green light to Chinese tycoon Wang Jianlin to carry out refurbishment of the Edificio España building and design high-end dwellings on several floors of the property.
According to spokeswoman of the Urban Planning and Housing department, Paz Gonzalez, the modification will permit construction of a hotel, luxury apartments and a shopping area.
The change, approved at the end of July, downgraded the unit in listing from II* (in Spain 2nd structural) to II (3rd partial) with the proviso that it will preserve its original facade and parts of sides.
It also obliged the buyer to renovate the chamfer situated between the Los Reyes and Maestro Guerrero streets, as well as several elements inside on the ground level.
The First Skyscraper in Spain
The Edificio España building, towering over a square of the same name, was sold by Banco Santander for €265 million to vehicle Renville Invest, belonging to Chinese magnate Wang Jianlin, the owner of Dalian Wanda.
The richest man of China is not solely interested in this project as in parallel he is considering creation if a huge retail and entertainment park somewhere in the Community of Madrid.
Although right now the iconic property stands unused, it was the first skyscraper raised in Spain and at the moment of its opening, in 1953, it was also the tallest in Europe (117 meters high).
Original article: El Confidencial (after: Efe)
Translation: AURA REE