10/09/2014 – Inmodiario
Even though still there is much left to do, the Inditex group and builder Luis Cases have reached pretty far with their plans to accomplish a project on the downtown Gracia street in Barcelona.
Their objective is to amplify the Zara shop and refurbish a hotel establishment standing along this popular street. Moreover, the project involves construction of a parking lot.
Four years ago, a project on renovation of the buildings numbers 1 to 13 of the Caspe street crossing the Gracia was approved. Right to the 4.900 square meter area belongs to Drassanes 30 SLU, owned by Cases. If the volume and the use of them is preserved, the two investors will not have to draw any new plan.
The 2010 project assumed a €50 billion investment, including a 734 square meter housing development distributed over five floors above the ground level.
Zara would grow by 4.000 square meters added to the present 2.500 square meter area. The new floor area would derive from the old Novedades cinema, standing unused over the past eight years.
The larger Zara store will even beat with its size the current flag shop of the textile group situated on the Serrano street in Madrid.
The hotel space mentioned before is presently rented by the Husa group which finds itself in serious financial troubles. Its bankruptcy affected both 11 establishments and 369 employees. When Husa leaves the hotel, it will be converted into a luxury unit.
Original article: Inmodiario
Translation: AURA REE