The property was acquired via the purchase of a portfolio of debts from the German bank FMS in el Proyecto Gaudi, for 450 million euros, and which includes the debt from this building.
According to Spanish Real Estate, after weighing up various options, among which was reconversion as a hotel, the fund has begun a residential development, following an architectural study from the architect Fenwick Iribarren with Magnum & Partners as consultants for execution and marketing.
When concluded, the project will have 49 homes of one to four bedrooms, and between 79 and 247 square metres in area, predicted to be ready at the end of 2018. Additionally, there are 75 parking spaces, an automised garage and three commercial spaces. there will also be a panoramic terrace for communal use, a swimming pool, gymnasium and gourmet restaurant.
Since September, more than half of the apartments have already been sold, at an average price of more than 6,000 euros/m2, an increase already of 10%.