Building For The Future
As the Covid-19 pandemic sweeps across the world, devastating existing portfolio’s and stopping pipeline developments in their tracks, the retail real estate sector, like every sector, is going through a period of time unlike any other. Here, RLI takes a look at a few of the projects launched in Latin America before the virus struck, and what the future can hold once the worst is over and countries can once again continue to build for a better future.
Jardin Plaza Cucuta, built in the city of Cucuta in Colombia with a unique design and concept, is the city’s biggest mall and the first to offer an open-air environment. Developed jointly by Sonae Sierra and Central Control and now 50 per cent owned by PEI, it opened in February and features 43,000sq m of GLA. With the best selection of local, national and international brands, the centre presents a unique tenant mix. It has 180 shops, including a hypermarket, cinema, electronics store, gymnasium, casino and a playground. The catering offer will consist of 35 restaurants and various kiosks. In addition, visitors will enjoy 1,400 car parking spaces plus 400 for motorcycles, WiFi access throughout the malls, 24-hour security and a permanent information point.
Opened in 2019 Mallplaza Buenavista has been integrated with Buenavista I and II. The new shopping centre was integrated to complete a commercial and entertainment proposal in a leasable area of more than 103,000sq m. Mallplaza Buenavista has added 53,000sq m to the existing malls with anchor stores such as Falabella, Homecenter, Olímpica, Smartfit and Cinepolis. It will also have 1,300 car parks. Mallplaza is located on Carrera 53 with Calle 99 in the Buenavista sector, in the north of Barranquilla in Colombia. It was developed by the Chilean chain Mallplaza, one of the main operators of shopping centres in Latin America.
A complete mix of stores, with new and international brands and a wide gastronomic option make Jockey Plaza Shopping a unique under taking. Opened on 5 June 2019 by developers Tacla Shopping, Casteva, Paysage & Greca Asfaitos, the grand shopping centre has more than 200,000sq m of built area and comprises more than 400 stores and 28 options in the food cour t, as well as a gastronomic boulevard with eight restaurants and panoramic views of the runway of the Jockey Club do Paraná. For those looking for a fun space for games and leisure, the Cinépolis complex offers five traditional Multiplex Stadium rooms, a Macro XE room (the largest cinema room in Curitiba) and two VIP rooms guarantee the fun and make the Jockey Plaza Shopping even more complete.
Scheduled to open fully in 2020, (this may of course change due to the coronavirus outbreak) Cidade Matarazzo is a quiet, green refuge in the heart of the Paulista Avenue region, one of São Paulo’s most lively neighbourhoods. The charming village of historic, landmark buildings, designed in 1904 and being restored by developers Groupe Allard, is an unprecedented venture in Latin America’s largest economic and cultural capital. Upon completion, the destination will be home to a 45,000sq m park (including the urban requalification project) and a 135,000sq m building area, a 56,000sq m six-star hotel complex operated by Rosewood Hotels & Resorts, a 10,000sq m House of Creativity, a 4,000sq m office building, a 28,500sq m retail village, 34 restaurants that will be capable of serving up to 15,000 meals a day and 2,200 parking spaces.
With a construction start date of the end of 2020 that may fall into 2021 due to the effects of the coronavirus, the Galleries Metepec Malltertainment shopping centre will be become the new shopping centre of the Toluca Valley when it does finally open its doors. Upon completion, it will have an area of 55,220sq m, which will make it the largest shopping centre in Mexico. Galerías Metepec Malltertainment is a new concept that was developed by the construction company GICSA in conjunction with Liverpool that will combine the experience of ‘shopping’ with entertainment. It will be located in the Municipality of Metepec , it will be made up of a totally new construction that is currently under construction and that is located just behind the Costco shopping chain and the current Galerías Metepec shopping centre. Once the Galerías Metepec is remodeled, it will be joined with the new construction through a bridge that will be located on Paseo del Agricultura street, as shown by the project’s renderings. Galerías Metepec Malltertainment will be the first mixed-use development that will include firms that will come to this area for the first time, its main tenants will be department stores, self-service stores, restaurants, cinemas, gymnasium, as well as offices from local companies or for personal use.
Due to open in 2021 by developer Thor Urbana, The Park is a mixed-use project that will be the centre of attraction of San Luis Potosí in Mexico. The project, by the renowned firm Elkus Manfredi Architects, combines offices, hotels, residential towers and a Town Center format shopping centre. It will have more than 65,000sq m of GLA divided into two phases and pads for the development of offices, hotel and residences. The project is located south of the city of San Luis Potosí, in the zone of greater economic development, bordering strategically with the Tangamanga Park and the Convention Center of San Luis Potosí. Thor Urbana continues with its strategy of developing iconic projects in the best locations of the country’s main cities.
< GALERÍAS METEPEC MALLTERTAINMENT
Developers: GICSA & Liverpool