The Balearic Port Authority announced yesterday the granting of a new 25 year concession licence for Palma Marina / port that is to be coupled with a major 50€ million investment that will see large areas of the Marina upgraded including a design that will radically alter and improve it’s integration with the city and the Passeo Maritimo area. An open, free access, pedestrianized axis will link the cruise ship terminal with the city while many of the Marina’s amenities and buildings will be upgraded, benefitting the marina club members and visitors.
The project envisages a 40% increase in the size of the marina, with the construction of a new dock, 3 new buildings and extensive commercial and leisure areas. The new concession will also result in a boost to public finances with fees of 250€ million anticipated over the next 25 years.
Borja de la Rosa, president of the Club de Mar Mallorca claimed that these proposals would be a great benefit “not only for club members, but for the whole city of Palma, as the new club would be an example of the new concept of fully integrating a marina with the city”.
José Luis Arrom, Managing Director of Club de Mar Mallorca, explained that the project had overcome all the requirements of the different public authorities due to the strategic and sustainable nature of the project. “From the first moment we knew that the connection with the city and environmental issues were a priority. We wanted a XXI century marina fully adapted to the demands and social and environmental sensitivities of today”.
The works will take place over the next 3 or 4 years. starting in October of 2018.
Consequences for the Palma property market? While clearly the market as a whole is not in any need to any extra boost (!!) and in that sense I do not think it will make a real difference globally, I do think that, at a more local level, there will be a noticeable effect, with those areas of the city closest to the marina, the new access points and commercial leisure areas, receiving an extra “fillip”
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This post first appeared on Mallorcapropertymarket Blog | Mallorca Property Ma, please read the originial post: here