Palma City Council is apparently going to buy the abandoned Gesa building, which has become an eyesore on Palma’s sea front, the property is estimated to be worth 25 million euros.
According to deputy mayor Javier Bonet “negotiations are very advanced and an agreement is imminent”.
The plan is for building to become municipal property and to be dedicated almost entirely to culture and innovation.
However, despite Palma council having expressed its intention to buy the building, only 500,000 euros have been set aside in the 2024 budget to begin drafting the project for the building.
In the last legislature, the city planning department reached an agreement with owners Endesa to acquire two floors of the building in exchange for several plots of land in the city.