German investment fund Aquila Capital have announced plans to undertake a major urban development that will rejuvenate the old industrial zone of La Princesa in Malaga. The 100 million euro development will include the projected construction of 750 new homes and commercial spaces distributed throughout the zones of Santa Rufina, San Lucas and San Fermín.
AQ Acentor, Aquila Capital's real estate arm in Spain will lead the development of 500 residencies, expecting to invest a total of 100 million euros, according to a recent statement.
Santa Rufina will be the largest development of the three sectors, with 350 homes, offices and retail spaces divided in three towers, one of which will be over 74 metres tall. Construction is expected to begin this month by Ielco and will include the demolition of a building on the Héroe de Sostoa to connect it with Río Gargálica in order to better connect the area with the rest of the urban landscape. With a budget of 2 million euros, the initial construction stage will take around seven months to complete.
AQ Acentor have already been granted building permissions for two of the three towers, for 80 and 132 residencies respectively. Both towers will consist of a ground floor with windows, and 11 further floors designed by the local architect firms, HCP and Ángel Asenjo. The third tower, for which the company plan to apply for a building license in June, will accommodate a further 130 homes.
The urban redevelopment of Santa Rufina and San Lucas will regenerate an area of more than 41,000 square metres, and will include the implementation of new streets which will connect the streets of San Lucas, Santa Rufina and Río Gargálica the company said in a statement, adding, "these will be wide streets for pedestrian traffic, with a dedicated green area that includes a 7,500 square metres public park".
AQ Acentor also have development plans in Rincón de la Victoria and Estepona, aside from La Princesa, which will be the first major urban redevelopment project surrounding the AVE.