Energy company Endesa, which owns land by Palma's GESA building, has sold a plot of 50,000 square metres for 63 million euros.
This is in the Nou Llevant district, where other developments are under way. The plot at the intersection of C. Puerto Rico and Avda. Mèxic is one of the most sought-after. Or was, as it has been acquired by two investment fund managers, Med Capital Management and Meridia. Luxury homes will be built. It is believed that there will be 540 apartments.
Nou Llevant was earmarked for development. On one other site, there is a British fund involvement in what will be 330 flats for rent at luxury prices.
An intention for Nou Llevant has been the creation of a digital innovation centre. At present there is no evidence of this. The GESA building may be a feature of this. At the end of December, the town hall finally closed the deal to buy the building from Endesa for 25.4 million euros. Two adjacent plots of land - a total of some 3,000 square metres - were also bought for 5.2 million euros.
These plots, according to Mayor Jaime Martínez, will be for the "future innovation district". The project for the redevelopment of the GESA building hasn't been definitively decided - a museum of contemporary arts is one key purpose to have been floated. The opposition at the town hall were critical of the purchase, given that the Partido Popular administration have no clear idea what they want to do with it.