56,000 jobs to be created in new mega-investment

A huge mega leisure complex is set to generate over 56,000 jobs in the municipality of Torres de la Alameda in Madrid, close to the city’s Barajas airport.

The proposed 134 hectare development known as LongResort was presented early this month and also signifies a possible 3,000 million Euro investment by north American group Cordish. It includes hotels, restaurants, offices, cinemas, a theater, a convention center and a gaming area. The hotels will accommodate a total of 2,000 beds although this number could well double in the future.

IT CONTINUES TO GET REAL

This is a massive addition to real estate investment in Spain which has been showing signs of hitting levels, the likes of which have not seen since 2007.

It’s also another sign pointing to Spain’s real estate market becoming one of the most active and buoyant in Europe in the coming years which was a prediction Deutsche Bank made recently. As seen then, following the 2007 crash, the recovery of the sector began early in 2014 and has since been gaining momentum with job creation also growing, another factor which will be helped by LongResort.

And it’s all well underway with the project having been submitted to the government of the community of Madrid and the 134 hectares of land already having been acquired.

It would seem only crossed ‘T’s and dotted ‘I’s remain for the concept to become reality with Cordish CEO Joseph Weinberg saying that only building permits and other permits are needed to get it all off the ground.

Once permits are granted, it is thought that work will begin 18-24 months later on the mega complex which will be the first of its kind in Europe.

Weinberg said, ‘Madrid is an international tourist reference with fantastic transport networks that will give the rest of Europe access to the complex.’

A NEW FRONTIER?

Distancing this project from the thwarted so-called Eurovegas casinos, he points out that the gaming areas will only make up between five and ten percent of the total area with restaurants and hotels instead being the leading components. As such, unlike the Eurovegas venture, changes in legislation will not have to be called for to make the project a reality with Weinberg having stated that current legislation is perfectly appropriate.

He also said they would not be seeking public subsidies of any kind so all the funding will be completely private.

Cordish is one of the top American businesses in hotels, shopping centers and convention venues. The company has under its management and ownership over 40 million square feet of commercial, hotel and residential development and has been awarded seven ULI (Urban Land Institute) Awards for excellence. It’s developments include the Seminole Hard Rock Hotel and Casino Hollywood in Florida and The Walk in Atlantic City.

For information on investment in Spain, please contact corporate law firm Argali Abogados.

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