intu has been awarded a General ‘PGOU’ License (Plan General de Ordenación Urbana) for its ground-up development intu Costa del Sol. This significant milestone paves the way for the project to now progress to its next stage, with preparatory works due to start in 2020. The 2.5 million ft², €800m retail and leisure resort is the first of its kind. The unique development will combine world-class experiences in an outstanding environment with the very best in hospitality, leisure and retail. In line with intu’s strategic priorities, it remains the intention to introduce a joint venture partner at the start of construction together with using development finance to minimise the company’s capital outlay on the project.
"This significant milestone opens the door to the next stage of the project. intu Costa del Sol will be a resort like no other, bringing together international brands and global visitors in an unforgettable location surrounded by the very best in entertainment and leisure. We are having positive discussions with brands eager to join the scheme, as well as potential partners to help bring the project to fruition", commented Matthew Roberts, intu Chief Executive.
intu Costa del Sol is set to open in 2023 and is strategically positioned on a major site to the north of Torremolinos, accessed via the major southern highway and just 3 km from Malaga’s international airport. The development is expected to attract over 23 million visitors each year including international and domestic tourists, as well as benefitting from a 4.75 million catchment within 120 mins travel time. The resort will comprise eight vibrant neighbourhoods curated to provide unique experiences and something for everyone. The resort will also include 142,000m² of retail space, 20+ leisure operators, 70+ restaurants, two hotels, a 5,000-person concert venue, and Spain’s largest urban farm.