Investors reiterate their commitment to the luxury hotel in the Levante dock despite the delay in administrative procedures.
The promoter group Al Bidda, based in Qatar, has renewed the bank guarantee presented in 2015 as a necessary step to request the Port Authority to grant the parcel of the Levante dam. The company, which operates for this project through the local company Andalusian Hospitality II, thus maintains its commitment to build a tower of 135 meters, designed to house a luxury hotel and commercial and leisure services.
The company presented at the beginning of September four endorsements, in charge of other Spanish banks (Bankia, Popular, Sabadell and CaixaBank) amounting to almost 1.86 million euros, a figure that corresponds to the percentage required by law with respect to the total investment, initially estimated at around 116 million . One of the key pieces of this movement is the new term of validity that has been fixed, and that will be extended until the beginning of August of the year 2021, according to the data to which SUR has had access. It is a period of almost three years, which the technicians believe should be enough to finish the complex bureaucratic process that is still pending.
The road to reach this point has not been easy. The representatives of the investment group showed their concern about the slow progress of the permits months ago, and maintained contacts with top-level institutional and business leaders, who reiterated their support for the project, according to sources close to the negotiation. Finally, at a recent meeting in Malaga, company executives expressed their intention to continue with the commitment to build the hotel in that enclave.
At what point is it?
In this decision, the step taken by the City Council of Malaga played an important role. It gave the green light in June to the initial approval of the modification of the Special Plan of the Port , to make possible the implementation of the building. It was the first step of what can be considered the penultimate stage of the procedure, which must be carried out by the Planning Department and the Port Authority , since afterwards only the approval of the Council of Ministers would remain.
However, this was conditioned to the presentation, by the technicians of the maritime entity, of a series of documents, which Urbanism considers key to be able to advance with the maximum legal rigor. The truth is that four months have passed since that milestone and these reports have not yet been processed, as confirmed by municipal sources. This is blocking the next step , which is the request for sectoral reports, that is, public agencies, the Board and the State, which must report favourably to it.
In parallel, there is a second issue that has interfered in the procedures. And is that at the end of July the Consistory raised a query to the Advisory Board, which asked him to rule on whether the modification of the Special Plan would involve compensatory measures (by the Port) to change the use of open spaces and the increase in build-ability. The opinion has not yet occurred.
Once all the bureaucratic questions are solved ; the requirements and possible modifications are made; the public information period (which will be the next phase) is completed and the sectorial responses are favourable, the City Council will take provisional approval . Finally, the parties will be asked to ratify and final approval will take place in plenary. Conditioned, yes, to the final green light of the Council of Ministers.