A real estate project with much controversy – Daily Online

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UPDATED: 07/28/2015 – 13:49

Words Key: property, Wanda, Madrid, building, controversy

The building Spain, acquired by Dalian Wanda in June 2014, is an icon of the city of Madrid, located in the heart comercialde the capital. [CARLOS DELGADO / CHINA DAILY]

Madrid, 07/28/2015 (The People’s Daily Online) – The Chinese real estate giant Dalian Wanda is on the point of public and political look in Spain for its plans to demolish a landmark building in Madrid.

In June last year, the group acquired the building Spain for 265 million euros (297 million dollars) from the banking corporation Grupo Santander.

The building Spain, which occupies an entire city block, is an icon of Madrid is located in the commercial heart of the capital.

The building is vacant since 2006 due to its bad state and high maintenance costs. Since then, it has rapidly deteriorated and now needs urgent renovation.

“Wanda Group plan for the building includes a luxury hotel, a shopping center and the construction of exclusive residential homes,” said the group at the time of the acquisition.

The company, along with other Spanish private companies will also participate in improving Spain’s Square in front of the building. The new architectural design, with a planned investment of 80 million euros, will reduce vehicle traffic, expand green areas and pedestrian zones increase. The project will also include 100 underground parking spaces.

The plan Wanda was initially well received by local authorities as proposed revitalize the area and create 3,400 jobs in the construction sector.

However, things have changed for Wanda since announcing that should bring down the entire building for safety reasons and then rebuild the facade brick by brick.

Executives Wanda said that given the poor state the building, down the inside and left standing only the facade and the side walls could be very dangerous

Cristina Guardia, a Spanish architect who work in a study of Barcelona, ​​said. “It is a project very complicated you need a very thorough structural analysis. Personally I do not think a complete demolition is required. An internal restructuring could be sufficient to maintain the facade. “

The project is also facing stricter conditions new group’s governing council.

The new mayor of Madrid, former Judge Manuela Carmena, has launched a campaign to analyze the situation of large construction projects approved under the previous government.

Local media reported that Michael Qiao, the Wanda Group, requested a private meeting with the new city officials to discuss the construction project.

After the meeting, it was announced that Wanda and business executives Department officials urban development will establish a special commission to discuss the architectural details of the project.

The local government will also consult citizens and environmental groups over plans to demolish the building Wanda.

The building of Spain is not the only project of Wanda in Madrid. The company is examining other real estate megaproject in the capital that could attract more investment.