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Villar Mir Redesigns Fifth Tower & Delays Award of Construction Contract

Posted by: In: Real Estate 22 Nov 2017 Comments: 0 Tags: , , , , , , , , , , ,

20 November 2017 – Eje Prime

Grupo Villar Mir has listened to its partners and the Town Hall, and is going to redesign Torre Caleido, the fifth tower in Madrid. The skyscraper, which is going to be built next to the Cuatro Torres, will be adapted to the requests of Megaworld Corporation, its Philippine partner, and the local government led by Manuela Carmena. Amongst other features, the project is now going to include a supermarket and a cinema, as well as more lifts than initially planned, as requested by the Town Hall.

This redesign of the building will result in a delay in the award of the construction contract, which is now expected to take place during the final month of the year. Nevertheless, OHL, the construction company that forms part of Grupo Villar Mir, is currently positioned as the favourite to build the skyscraper, since to date, it has carried out the demolition and the work to prepare the land, which spans a surface area of 33,326 m2, according to El Economista.

An investment of approximately €160 million is estimated for the main construction work to build the skyscraper, out of a total projected budget of €300 million. Moreover, Torre Caleido already knows who its most important tenants are going to be, namely: IE and Quirón. The business school has acquired 50,000 m2 of the skyscraper in its move to become the first high-rise campus in Spain, whilst the healthcare group will turn its section of the building into a state-of-the-art medical centre.

On the outside, Villar Mir has redesigned the plans to include a shopping area, which will contain a supermarket and two cinema screens, an express wish of Megaworld, the company that controls 49% of the project’s capital. The tower will have 36 storeys as well as a four-floor base, which will be 20m tall.

Original story: Eje Prime

Translation: Carmel Drake

The post Villar Mir Redesigns Fifth Tower & Delays Award of Construction Contract appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts


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