VGP Acquires Land for New Logistics Platform in Seville

18 September 2019 The Belgian developer VGP announced that it had acquired a 100,000-square meter plot of land in Seville, where it the company plans to invest a total of 35 million euros in the development of a logistics complex.

Construction is pending municipal licensing. VGP plans to start building during the latter half of 2020 with completion planned for the end of 2021.

The logistics platform will be located in the town of Dos Hermanas, a booming area to the southeast of Seville. The town is also the site of a planned new logistics platform for Amazon.

Original Story: Eje Prime – Marta Casado Pla

Adaptation/Translation: Richard D. K. Turner

Andalusian Government Approves Project for Intu Costa del Sol

18 September 2019 The British firm Intu Properties, together with its partner Eurofund, has received the final approval from the Andalusian government to build its commercial and leisure mega-project, the Intu Costa del Sol. The 235,000-m2 development will involve an investment of 800 million euros.

Intu Costa del Sol, located north of Torremolinos and just three kilometres from the airport in Malaga, will have 142,000 square meters of stores, over 20 different options for leisure activities, two hotels, a beach club and a 5,000-person concert venue.

The developer forecasts 23 million visitors to eventually frequent Intu Costa del Sol per year, of which 12.6 million will be tourists. Construction is expected to begin in 2020, with its inauguration planned for 2023.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Initial Approval Given to Metrovacesa’s Plans to Build 1,345 Flats in Benimaclet

6 August 2019

31 years after the project was initially presented, the Valencian government has taken the first step towards authorising the construction of 1,345 homes in the neighbourhood of Benimaclet. Now, Metrovacesa must submit its plans to develop the area, where a change in planning is taken for granted. The municipal government must subsequently authorise the number and possible distribution of the homes, as well as everything related to public facilities.

The developer had already presented a project with towers of up to 30 floors, in the area near Avenida Catalonia Avenue and Calle Emilio Baró. An area for orchards of similar size is also in the plans, as requested by local neighbourhood associations. Even so, those same associations are requesting a decrease in the number of homes and a change in the planned distribution.

Original Story: Las Províncias – Paco Moreno

Photo: J. Monzó

Adaptation/Translation: Richard D. K. Turner

BBVA to Sell Its 75% Participation in the Madrid Nuevo Norte Project

30 July 2019 – Richard D. K. Turner

The Madrid City Council has unanimously approved the Madrid Nuevo Norte project, also known as Operation Chamartín, after a twenty-five-year wait. The project must now gain final approval from the Community of Madrid government and weather lawsuits from community and environmental groups.

District Castellana Norte (DCN), which is 75% owned by BBVA together with Grupo San José (25%), is the developer in charge of the project. Though BBVA has publicly affirmed its commitment to see the project through, increased oversight by the ECB and a change in the bank’s leadership have fuelled speculation that BBVA will sell its participation of a single major investor.

Despite some changes to the urban development plan, Operation Chamartín will lead to the construction of 10,500 homes (20% with some kind of protection), a new financial district and the refurbishment of the Chamartín train station. In total, investors will plough roughly €6 billion into the project over about two decades. Construction is expected to commence in 2021.

Original Story: El Confidencial – Ruth Ugalde

Madrid City Council Gives Preliminary Approval to Operation Chamartín

29 July 2019 – Richard D. K. Turner

The Madrid City Hall gave conditional approval to the Madrid Nuevo Norte project, also known as Operation Chamartín, yesterday 25 years after it was first proposed.

The modifications to the General Urban Development Plan will be sent for final approval to the government of the Community of Madrid.

The mayor of Madrid, José Luis Martínez-Almeida stated that they would maintain the project originally agreed to by the Ministry of Development, the private developer leading the project, Distrito Castellana Norte (DCN) and the Madrid City Council. The mayor added that construction is expected to begin in 2020 or 2021 and generate 200,000 direct jobs.

Community organisations and environmental groups such as the Regional Federation of Neighbourhood Associations of Madrid (FRAVM), Ecologists in Action and the North Zone Platform, stated that they would contest the development in court.

Original Story: El Diário

Construction to Begin as Cuatro Caminos Receives Approval, Five Years On

20 July 2019 – Richard D. K. Turner

The City Council of Madrid will give its final approval for the plan to develop the Cuatro Caminos project.  Grupo Ibosa and 443 families purchased the land from Madrid Metro, for 88.3 million euros, in November 2014.

The site acquired by the cooperative, Residencial Metropolitan, has an area of ​​3.7 hectares, where the two groups plan to build a residential development, along with more than 17,000 square meters of parks and gardens.

The municipality’s approval will allow construction of more than 400 homes, 60 of which would be officially protected (subsidised), while transferring sufficient land for 70 more homes to the city council.

Original Story: El Confidencial – E. Sanz

Photo: Salvador Fenoll.

Benidorm Grants Approval for Intempo Development

19 July 2019 – Richard D. K. Turner

The Benidorm City Council has approved the modified project for the Intempo high-rise. Its new owner, the Strategic Value Partners (SVP Global) fund, can now finish the development and put the flats up for sale.

While the building’s structure is complete, the common areas and individual flats still require work, especially has construction on the project halted in 2013. The developer forecasts that work on the development will wrap up in 18 months. The building will have 256 luxury flats, with prices running from 250,000 euros up to one million.

Original Story: Alicante Plaza – Alba Mercader

Photo: Rafa Molina

Málaga has 3 Macro-Projects in the Pipeline for 2030

20 March 2019 – Eje Prime

Málaga is giving itself a makeover. It wants to be known as a smart city or the museum city, rather than the tourism hub for the Costa del Sol. To this end, the Town hall of Málaga is managing more than thirty projects to be launched over the next ten years. And the outlook is bright. The city offers high returns both on the high street, as well as in shopping centres and prime offices.

In this context, the Mediterranean city is working on three major projects. The first is a special plan for the port, which covers 1 million m2 of space, where a 37-storey hotel, three office buildings, a customs building and a large auditorium are going to be built if all of the relevant approvals are granted.

The second is the Los Martiricos development, a residential project on a site spanning 67,000 m2, where the plan is to build 220 social housing properties and 450 private homes. Offices and a commercial area will also be constructed if the corresponding building permits are approved.

The third major project is planned for the site of the former Repsol plant, where the Town Hall of Málaga wants to create an office area. Alternatively, it could build four blocks of social housing properties on that site.

The Andalucían city has many other projects underway. Most respond to the growth in residential demand, especially in the market for alternative assets, such as halls of residence for students and nursing homes for the elderly. But overall the real estate sector is booming. In fact, construction permits rose by 40% in 2018.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake