Tag: mega complex

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

US Investor Cordish Presents New Leisure Mega-Complex For Madrid

2 December 2016 – Expansión

After the fever of Eurovegas in Madrid, the fiasco of the Gran Scala macro-complex in the Los Monegros desert, the mirage of El Reino de Don Quijote in Ciudad Real, another mega leisure complex project is now being planned for Spain, in the form of Live! Resorts Madrid. The proposal has been presented by the US property developer Cordish Companies, and according to comments made by the group’s representatives yesterday, it is backed by the group’s extensive 100-year history and the rigourousness of its modus operandi. “This is a completely private initiative. We are not asking for any subsidies or regulatory changes. The regulatory framework is perfectly adequate for the project”, said Joseph Weinberg, one of the group’s partners.

Cordish plans to invest €2,200 million initially to launch this leisure and entertainment giant, although the total spend may exceed €3,000 million in subsequent phases if the plans are extended beyond the original project. According to the property developer, this initiative would create 56,433 new jobs.

The family group, founded by Louis Cordish in 1910, has four generations under its belt. It has chosen the Madrilenian municipality of Torres de Alameda, in the Corredor de Henares, as the stage for the development of the “largest integrated entertainment centre in Europe”. “We think that Madrid is the ideal location in Europe for the complex”.

To this end, Cordish has purchased a plot of land measuring 134 hectares and has registered information about the project with the Ministry of Economy, Employment and Finance. It is waiting for the Community of Madrid to study the feasibility of the plans and to open a public competition inviting other investors to submit their proposals. This process, which may take around six months, needs to happen before the first phases of the project can start, which are expected to take between “18 and 24 months”.

Weinberg wanted to differentiate his Live! Resorts from the frustrated initiative of the magnate Sheldon Adelson, who also planned to build a Eurovegas in Madrid, and he emphasised the “family nature” of the proposal. “The gambling area will only account for between 5% and 10% of the project”.

Weinberg said that the plan includes more than 100,000 m2 of space allocated to shops and leisure; four and five-star hotels, with 2,700 rooms; 275,000 m2 of space for three conference centres; and 45,000 m2 of space for offices.

Weinberg said that the group has own funds as well as experience raising financing. In addition, he appeared open to the idea of forming a joint venture with large local and international hotel chains for the management of the hotels.

The President of the Community of Madrid, Cristina Cifuentes, acknowledged yesterday that the regional government has held “some conversations” with the company and added that it is a “solvent, trustworthy and powerful group”.

According to Cifuentes, this project does not bear “any resemblance” to Eurovegas and she highlighted that, in contrast to Adelson’s project, Cordish has already officially registered the proposal and is not demanding any regulatory changes. She also said that whilst Eurovegas involved the construction of casinos, 80% of this proposal is dedicated to leisure and “only a small portion” to gambling.

Nevertheless, the Chairman of the Community of Madrid appeared “cautious” and warned that the initiative will be analysed “with the greatest care”. (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Wanda Meets González To Discuss Its €3,000m Investment In Madrid

28 January 2015 – Expansión

Representatives of the business group Wanda, owned by the Chinese magnate Wang Jianlin, met with the President of the Community of Madrid, Ignacio González, first thing on Tuesday, to discuss the project to build a housing, hotel and leisure complex in the Campamento neighbourhood of the capital.

The Wanda delegation was led by its CEO, Zhu Huan.

Wang Jianlin, owner of the Wanda Group, recently announced his willingness to invest €3,000 million in a large housing and leisure complex in the Campamento area of Madrid, in the south-west of the capital, on land belonging to the Ministry of Defence.

A few months ago, the Chinese magnate bought the Edificio España, in Plaza de España, with a view to building housing, shops and a luxury hotel there; and a few days ago, he completed the purchase of 20% of the football club Atlético de Madrid for €45 million following a capital increase by the club.

Original story: Expansión

Translation: Carmel Drake