The Community of Madrid rejects the Cordish entertainment macrocomplex in Torres de la Alameda

The Community of Madrid rejects the Cordish entertainment macrocomplex in Torres de la Alameda

The regional Executive maintains that the project does not comply with the minimum conditions imposed. Thus, the Councillor of Economy, Employment and Housing, Engracia Hidalgo, signed an order with the decision not to accept the project.

Technicians from the Community of Madrid have produced pertinent and reports, and, according to information from the regional government, discourage the activation of a Centro Integrado de Desarrollo (CID) (Integrated Development Centre) to facilitate the development of the project which Cordish is requesting, sending back the documentation of the 7 December 2016, for administrative advantages.

For a project to be considered CID, it must be multi sectorial in character. In other words, integrate different activities, such as industrial, tourist, conventions and congresses, entertainment, games and sports, health, cultural or commercial, as well as accessory uses to complement those above, which have an important, effective and long lasting impact on the economic, social and cultural development of the Community of Madrid.

The project presented by Cordish, according to the regional Executive, will only fulfil these conditions if all its phases are developed. However, the North American company has only confirmed the construction of the central area of the macrocomplex, which contains a 500 room hotel, a shopping zone, restaurants, cafeterias and bars, a games area, a centre for conventions, conferences and meetings, and car parking.

Therefore, if Cordish cannot - for any reason – commit to all the phases of the project, and only go ahead with the entertainment and leisure zone, it will not comply with the necessary multidisciplinary character necessary for the community to view favourably any approval for the conditions relevant for a CID.


Doubt about the economic and financial viability of the project

In the technical analysis carried out in the Community of Madrid, doubts have also been raised as to the «economic and financial viability» of the Cordish proposal, as well as the lack of certain documents which need to be presented in order to be viewed favourably by the Community of Madrid.

Finally, regarding the location selected by Global Cities Madrid S.A., the project would generate  "an important load" for the Community budget in terms of investment, development costs and annual maintenance of transport infrastructures, "an aspect especially relevant in the present context of fiscal consolidation and the financial sustainability of public administration

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