AM (formerly Amstelland MDC) has signed a contract to sell its Espacio Torrelodones shopping center in Madrid to WestInvest. Work has already started on this 33.000 mÂ² project, with an investment value of approximately â¬90 million. The shopping center is scheduled to open to the public in 2006.
Espacio Torrelodones is part of a new urban development scheme in Torrelodones, a village 30 kilometres to the north of Madrid, where AM is building a 33.000 mÂ² leisure and commercial shopping center. Construction has started in November 2004. Approximately 40% has already been prelet.
This project is consistent with AMâs strategy for Europe-wide growth in shopping center development. Other AM shopping projects in Spain are Espai GironÃ¨s (Girona), Espacio MediterrÃ¡neo (Cartagena), Espacio CoruÃ±a (CoruÃ±a), and one of the most important leisure and shopping developments in Spain, Espacio CaÃ±averal (Madrid). AM has also recently completed Espacio LeÃ³n, the first shopping center in this city, AMÂ´s first project in Spain and its 100th retail project in Europe.
T+T Design, AMâs in-house designers, were responsible for the urban planning and architectural design concept for Espacio Torrelodones, in accordance with the new residential area designs. The result is an innovative and harmonious retail space on two levels, around a wooden cloister, an area which will allow visitors to move easily between the different establishments. The designers have taken advantage of the available space, turning an 18 meter high tower that can be visited into the main access to the shopping center.