intu, owner of some of the UK and Spain’s largest and most popular retail destinations, has today announced that it has been awarded a General ‘PGOU’ License (Plan General de Ordenación Urbana) for its ground-up development intu Costa del Sol.
This significant milestone paves the way for the project to now progress to its next stage, with preparatory works due to start in 2020.
The 2.5 million sq ft (235,000 sqm), €800m retail and leisure resort is the first of its kind. The unique development will combine world-class experiences in an outstanding environment with the very best in hospitality, leisure and retail.
Matthew Roberts, intu chief executive, commented: “This significant milestone opens the door to the next stage of the project. intu Costa del Sol will be a resort like no other, bringing together international brands and global visitors in an unforgettable location surrounded by the very best in entertainment and leisure. We are having positive discussions with brands eager to join the scheme, as well as potential partners to help bring the project to fruition.”
In line with intu’s strategic priorities, it remains the intention to introduce a joint venture partner at the start of construction together with using development finance to minimise the Company’s capital outlay on the project.
intu Costa del Sol is set to open in 2023 and is strategically positioned on a major site to the north of Torremolinos, accessed via the major southern highway and just 3 km from Malaga’s international airport.
The development is expected to attract over 23 million visitors each year including international and domestic tourists, as well as benefitting from a 4.75 million catchment within 120 mins travel time.
The resort will comprise of eight vibrant neighbourhoods curated to provide unique experiences and something for everyone. The resort will also include 142,000 sqm of retail space, 20+ leisure operators, 70+ restaurants, two hotels, a 5,000-person concert venue, and Spain’s largest urban farm.
Ian Sandford, chief executive of intu’s JV partner Eurofund and project director, commented: “The General License is an incredibly important milestone for the intu Costa del Sol project, and we are delighted to have received this backing and endorsement from the Junta de Andalucía, validated by the City of Torremolinos. We now advance our plan and vision with renewed energy”.