Once the acquisition is concluded, the fund will have to carry out a significant investment to develop the project, which is based on the agreement reached between the municipality of Seville and the tobacco company, according to ABC.
The project includes the construction of a hotel, parking and several social and sporting facilities for the barrio de Los Remedios neighbourhood, where the asset is located.
The Antigua Fábrica de Tabacos de Altadis (Ancient Tobacco Factory of Altadis) has 28.659 sqm which have been qualified by Seville’s land plan (PGOU) as Industria Singular IS (Only for industry) and the rest as Espacio Libre Público (Free Public Space).
The buildings are owned by Altadis and to carry out any operation, the firm needs to reach an agreement with the municipality. Nevertheless, a change should be made to the land plan, since its urban qualification is unfeasible.
The agreement between the municipality and Altadis indicates that 84% of the total area will remain free area or equipment; while the remaining area will be reserved for tertiary use, 24.074 sqm of a total 28.659 sqm.
The project should also include the rehabilitation of the central building, the South of the city’s facilities and the terrains redevelopment. The central office building (El Cubo), will be requalified as tertiary and in it a singular project, respecting the area’s protected elements, can be developed. It will a have a maximum building area of 26.000 sqm, so as to guarantee that El Cubo will remain the central axis of the entire complex.
On the other hand, the housing buildings for engineers and maintenance staff, will be destined for the use of public equipment. The chapel and adjoining buildings will continue to serve the same religious use as well as their current occupancy and locations.
Within the set of warehouses, a large city level equipment will be developed. It may be destined for innovation, or culture. The investment to develop this equipment will be made by the developer.
Finally, underground parking for the tertiary use building will be analysed subject to the results of studies to be carried out.