Intu Properties PLC received approval for its €800 million ground-up retail and leisure development on the Costa del Sol, Spain.
The planning permission license enables Intu to proceed with the next stage of the 2.5 million-square-foot project with preparatory works slated to start in 2020. Intu is planning to fund the project through a joint venture and development finance.
Intu Costa del Sol will include 142,000 square meters of retail space, two hotels, more than 20 leisure operators, over 70 restaurants, a 5,000-seat concert venue and an urban farm. The property, north of Torremolinos and 3 kilometers from Malaga's international airport, is expected to open in 2023.
