Stalled Residential Tower in Benidorm Resurrected by New Arrangement

Prices for units within the building range between €240,000 (US$264,000) and €1 million (US$1.1 million).

Benidorm, Spain 14 November 2019

A partnership has formed between Florentino Pérez and the new owners of the Intempo in Benidorm, in order to complete the unfinished project of José Luis Méndez with the bank Caixa Galicia.

The developer, UNIQ Residential, to which the new owner SVP Global has commissioned the commercialization of the homes, has awarded Dragados and Florentino Pérez the ability to complete the iconic 187-meter-high building.

Dragados will begin work in November 2019, which is expected to continue until 2020 to shore up the units within the building whose prices range between €240,000 (US$264,000) and €1 million (US$1.1 million).

Granting of permission to complete the project represents a new step for Uniq Residential, which has managed in just three months to place 150 of the 256 of the building’s luxury homes.

UNIQ Residential has managed to resurrect Intempo, a failed project by José Luis Méndez in charge of Caixa Galicia, an entity that financed a loan of €108 million (US$119 million) to the developer Olga Urbana, who left the project incomplete, causing a deficit of €90 million (US$99 million) for Caixa Galicia.

For more on this story, go to economíaDigital.

See all Global News