The French multinational Unibail Rodamco will invest 210 Million Euros to establish a new state of the art shopping centre at the outskirts of Benidorm.
The project is expected to take around two years, with the owners hoping to have the commercial centre open for business before Summer 2019.
Estimates suggest that the commissioning of the project will entail the creation of some 2,000 direct and indirect jobs.
“It will also give a big boost to the industrial sector because the other owners of the business have been waiting a long time to start work on the development” said Councilor for Town Planning, Lourdes Caselles.
Caselles also confirmed that the land clearance could take several months, as the land area extends to more than 70,000 square meters.
“This is a plot that has long been abandoned, therefore a number of unforseen procedures need to be undertaken, therefore the initial work will take more time than anticipated,” said Caselles.
Permission to proceed along with the appropriate licences were granted to the French owners two weeks ago, with their first objective once the land is cleared, being the construction of an underground parking facility.
Meanwhile, Benidorm City Council will have to streamline procedures to begin the construction of a large roundabout and new feeder road named “Vial Discotecas “, to give access to the new shopping centre.
The purchase of land for the operation has already begun without too many financial complications and Caselles explained that the money to compulsory purchase from landowners who do not want to exchange land for units in the new centre, should amount to around one million euros.
In addition, the roundabout and the road will cost approximately six million euros, with half of the cost, some three million euros, contributed by the owner of the commercial centre.
This is good news for the present real estate owners and people who are looking for a property as this development will not only be an alternative for the shopping centre ‘La Marina’, but will also influence real estate prices in a positive way in future. So, an extra reason to invest now!
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