Wanda‘s plans in Madrid proceed
After numerous disputes on the matter, China's largest commercial property firm Dalian Wanda has obtained the authorities' approval to bring forward its plans to remodel the emblematic "Edificio España" building located in the centre of Madrid.
A 20-day period has now been opened for public consultation after which building permits can be requested. The document subject to public comment states that the conservation of the building's original protected façades is mandatory and details plans for the volume of the rear part of the structure.
The project will be developed by a technical team in which experts from both sides will work together. A preliminary meeting is to be held today in order to decide on the composition of the group. José Manuel Calvo, representative of Madrid´s urban team, estimates that the construction will start in about 2 months once further aspects are determined.
The firm acquired the building in 2014 for 265 million Euro intending to convert it into a luxury hotel with additional residential and retail areas. In July 2015 the Chinese investor announced the remodeling could not be done without demolishing the façade but received the information that the exterior of the building has to remain intact. The disputes led to an announcement in which Wanda expressed their intentions to sell the property but later retracted and now seem to have reached an understanding at last.