Energy company Endesa, which owns land by Palma's GESA building, has sold a plot of 50,000 square metres for 63 million euros.
This is in the Nou Llevant district, where other developments are under way. The plot at the intersection of C. Puerto Rico and Avda. Mèxic is one of the most sought-after. Or was, as it has been acquired by two investment fund managers, Med Capital Management and Meridia. Luxury homes will be built. It is believed that there will be 540 apartments.
Nou Llevant was earmarked for development. On one other site, there is a British fund involvement in what will be 330 flats for rent at luxury prices.
An intention for Nou Llevant has been the creation of a digital innovation centre. At present there is no evidence of this. The GESA building may be a feature of this. At the end of December, the town hall finally closed the deal to buy the building from Endesa for 25.4 million euros. Two adjacent plots of land - a total of some 3,000 square metres - were also bought for 5.2 million euros.
These plots, according to Mayor Jaime Martínez, will be for the "future innovation district". The project for the redevelopment of the GESA building hasn't been definitively decided - a museum of contemporary arts is one key purpose to have been floated. The opposition at the town hall were critical of the purchase, given that the Partido Popular administration have no clear idea what they want to do with it.
Shame on them. These last remaining pieces of front line open space ( who remembers the old warehouses that were pulled down) should be left as they are, open and free for all to enjoy. The Gesa building should be redeveloped into a digital center , arts center , gym, whatever the public wants. And why not develop the top 2 or 3 floors into super rich apartments and use the funds for the rest of the building. The town hall is blinded by money as usual, they should try putting the overall benefits for the citizenry first for once.
That piece of Real Estate is GOLD and any one who know´s anything knows that front line to the sea walking distance to the old town better dose not exist , I wish everyone a great life but thing´s like that do not exist for FREE really try to be a bit more realistic and you will stand a much better chance of achieving your goal´s . also the surrounding areas are getting better all those New place´s and the shopping around there is getting better all the time as well close to the Airport , GOLD
JackyNot sure that’s entirely true. Certainly permissible for authorities to give consent for the building of properties to let on the condition they are let to specific targeted groups, inc local residents. Was the case in the Uk when we were in the EU. Never seen any rule that prevents this for properties to sale.
Only selling to residents would be against all EUROPEAN LAW and all fund´s which Mallorca has received and that is a substantial figure would be stopped the land which apparently is owned by an electric company with share holder´s have been waiting for a long time to get this deal done I personnely feel it will be good for Palma the view from the appartment´s to the sea will be gone but this was going to happen anyway , it will be another 25 year´s before we see anything happen to the beautiful GESA BULIDING , wake up people move on or move to CUBA !
This is an example of where the protestors are right. The local authorities can govern what is built: eg ‘luxury’ apartments or apartments only for sale to residents. The latter may be less profitable for land owner and developer, but there will still be a profit to be made.
Affordable housing is an issue in almost every European country, but Mallorca (unlike even much of mainland Spain) appears to be the exception in refusing to build for anybody but the wealthiest. Extraordinary.
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Shame on them. These last remaining pieces of front line open space ( who remembers the old warehouses that were pulled down) should be left as they are, open and free for all to enjoy. The Gesa building should be redeveloped into a digital center , arts center , gym, whatever the public wants. And why not develop the top 2 or 3 floors into super rich apartments and use the funds for the rest of the building. The town hall is blinded by money as usual, they should try putting the overall benefits for the citizenry first for once.
That piece of Real Estate is GOLD and any one who know´s anything knows that front line to the sea walking distance to the old town better dose not exist , I wish everyone a great life but thing´s like that do not exist for FREE really try to be a bit more realistic and you will stand a much better chance of achieving your goal´s . also the surrounding areas are getting better all those New place´s and the shopping around there is getting better all the time as well close to the Airport , GOLD
JackyNot sure that’s entirely true. Certainly permissible for authorities to give consent for the building of properties to let on the condition they are let to specific targeted groups, inc local residents. Was the case in the Uk when we were in the EU. Never seen any rule that prevents this for properties to sale.
Only selling to residents would be against all EUROPEAN LAW and all fund´s which Mallorca has received and that is a substantial figure would be stopped the land which apparently is owned by an electric company with share holder´s have been waiting for a long time to get this deal done I personnely feel it will be good for Palma the view from the appartment´s to the sea will be gone but this was going to happen anyway , it will be another 25 year´s before we see anything happen to the beautiful GESA BULIDING , wake up people move on or move to CUBA !
This is an example of where the protestors are right. The local authorities can govern what is built: eg ‘luxury’ apartments or apartments only for sale to residents. The latter may be less profitable for land owner and developer, but there will still be a profit to be made. Affordable housing is an issue in almost every European country, but Mallorca (unlike even much of mainland Spain) appears to be the exception in refusing to build for anybody but the wealthiest. Extraordinary.