One of the largest residential projects on the Andalusian coastline and the most important in Malaga city is increasingly close to becoming a reality: 'La Térmica', a complex with housing, offices, and commercial and hotel spaces.
The Directorate General of Coasts has approved this project which combines multiple land uses to meet the needs of the area's population, including 870 homes, a commercial area, offices and a hotel. It is a prime example of a public-private partnership in urban development. More specifically, it is the result of a joint initiative between Malaga City Council and NUMA, the company formed by Inmobiliaria Espacio and the Ginkgo investment fund (participated by the European Investment Bank and the Caisse Générale des Dépôts de Paris).
According to Inmobiliaria Espacio's website – and pending final approval – the project foresees the development of a 116,000 m2 plot, set to include public green spaces and subsidised housing.
On the other hand, the subsidiary, wholly owned by Grupo Villar Mir, highlights that the unique element that finally led the Directorate to be in favour of the development was that it reduced the maximum height of the buildings to 11 storeys in some places, including a ground floor. As such, the project promoters improve harmony with the local urban context, avoiding architectural or visual barriers by varying the heights and optimising the views.
After this initial go-ahead, the developers hope the final approval of the Partial Plan will be granted in April so that building work can begin as soon as possible.
Alberto Muñoz, CEO of Inmobiliaria Espacio, states that "this permit was the last step we needed to get planning approval for one of Malaga's most important and necessary projects. With this urban development, we are making further headway in regenerating the city's land, promoting its modernisation and adapting it to a more digitised and sustainable global context".
As for La Térmica's architectural design, the most outstanding feature is how the buildings blend in with their surroundings and the use of white to make the most of the sea's thermal regulating power to acclimatise the buildings, which will reduce their energy consumption. In addition, the façades' rounded design will reduce the impact of the dominant winds, and the buildings will have the highest energy efficiency certification.