353 Luxury Homes To Rise On Abandoned Torremolinos Seafront Site In €250m Project

A awesome €250 cardinal lodging improvement is group to toggle shape 1 of Torremolinos’ astir salient abandoned coastal plots, pinch 353 luxury homes planned adjacent La Carihuela.

The project, known arsenic Magna, is being promoted by Seville-based developer elephantine Grupo ABU and will beryllium built connected Avenida Carlota Alessandri, adjacent to nan seafront and adjacent Benalmadena’s Puerto Marina.

The onshore was erstwhile location to nan erstwhile Melia Tres Carabelas hotel, which was demolished years ago. Since then, nan tract has remained vacant for much than a decade aft an earlier edifice strategy collapsed during nan financial crisis.

The unused abstraction known arsenic nan ‘Melia hole’ will now beryllium 1 of nan coasts biggest residential developments

Now, nan long-unused crippled known arsenic nan ‘Melia hole’ is group for a caller early arsenic 1 of nan coasts biggest residential developments. The task will screen a 12,688-square-metre tract pinch astir 40,000 quadrate metres of buildable space. Plans see 353 high-end homes dispersed crossed respective mid-rise buildings alternatively than a azygous building block.

Developers study nan creation intends to blend into nan surrounding area while offering modern Mediterranean-style living. Communal accommodation will see pristine landscaped gardens, luxury swimming pools and leisure areas for residents.

The strategy became imaginable aft Torremolinos City Council approved a readying alteration allowing nan onshore to move from hotel-only usage to residential development. Administrative procedures are now successful their last stages, while nan building licence process has besides begun.

Demand for luxury homes remains beardown crossed nan province

Torremolinos municipality hallway will person financial compensation adjacent to 15 per cent of nan gross generated by nan development, supra nan ineligible minimum requirement.

Early income person already started, pinch prices reported astatine astir €6,000 per quadrate metre. The task is expected to pull chiefly Spanish home buyers, alternatively than relying heavy connected overseas investors. The improvement comes arsenic request remains strong, pinch nan Costa del Sol continuing to pull buyers seeking premium homes successful sought-after coastal locations.