Now that a deal has been made, construction on the Gran Bulevar for Estepona can finally get started. Plans for an attractive new main boulevard with a four star hotel, shopping centre and leisure zone have been on the table for a while now, but it was proving difficult to find investors for the public works project. It was the talk of the day in the town with high hopes on the council’s side, but they had no luck earlier when two investors pulled out. It turned out to be third time lucky, with three companies now investing 30 million Euros in the project. It is expected to greatly boost Estepona’s tourism.
A win-win situation
In Estepona the news was well received, as the project will benefit not just the general economy but local residents as well. With the unemployment rate in mind, the city council has made sure that local residents will be put in front of the line when applying for the jobs that are created by the project. On top of that, 100 of the parking places that will be a part of the Gran Bulevar in Estepona will be reserved for local residents. Finally, 100,000 Euros will be spent on social projects and another 100,000 on street improvement.
In return for all of this, the three investors get to rake in all the commercial benefits for the next 75 years to come. A company which is formed specifically for this project, called Estepona Bulevar SL, will be in charge of the construction and subsequent commercial use of the boulevard. All profit will go to the investors, until the agreed period has passed and the boulevard will belong to the public once more.
It is obvious that the project is a win-win situation for both the public and the investors. The Gran Bulevar will boost Estepona’s tourism profits and provide jobs and city improvements for the locals. The cooperation between the two is emphasized by the fact that this project is the largest public works project on the Costa del Sol, but is being financed by private capital. Cooperative deals like this are a major step forwards in helping the area recover from the crisis. And that is good news for everyone in Estepona – companies and residents alike.