An affiliate of the Cordish Companies last week submitted plans to the Madrid Regional Autonomous Government to develop Spain’s first integrated entertainment resort destination in the city of Madrid.
The proposed $2.2 billion integrated resort and entertainment district will be located on approximately 300+ acres in the Torres de la Alameda sector of Madrid, offering close proximity to major infrastructure and attractions, including IFEMA, the Madrid Atocha Train Station, Barajas International Airport and the Madrid City Center, making the site easily accessible to the majority of the population in Spain, and allowing the majority of the western European population to access the site by air, car and/or train in less than two hours.
Joe Weinberg, managing partner for the Cordish Companies said: “The Live! Integrated Resort & Entertainment District in Madrid is one of the most exciting and unique integrated resort & entertainment developments in Europe that will not only enhance the regional resort and entertainment markets, but also serve as a major domestic and international tourism destination. We look forward to working with the Madrid Regional Autonomous Government and the entire community as we move forward on our proposal to develop the region’s first world-class integrated resort destination.”
Steve Rittvo, outgoing chairman of the Innovation Group, is heading up a minority partner in the project.
The Live! District, at full build-out, will include up to 2,700 new hotel rooms, including destination spas and lagoon-style pools; more than 1,000,000- square- feet of retail and shopping outlets; nearly 170,000- square- feet of dining venues, offering Mediterranean, French, Asian, American and regional Spanish cuisine; nearly 275,000- square- feet of convention and meeting space; approximately 450,000- square- feet of luxury prime office space; approximately 125,000- square- feet of gaming entertainment; and approximately 200,000- square- feet of entertainment and live performance venues, including Broadway-style theaters, comedy clubs, bowling, live music venues and movie theatres. The Great Central Plaza at the heart of the project will include a large mercado, specialized bars, lounges, dance clubs and cafes.
The project will maximize visitation, both local and out-of-market. With its location in the middle of the northeastern sector of the Madrid region, recently targeted by Madrid as the region’s growth corridor, the new Live! District is estimated to attract over 675,000 new visitors to Madrid in its first year and increase tourist nights by over 1,680,000 annually, with patrons originating from not only the Greater Madrid Region, but from throughout Spain, Europe and other international feeder markets.
Upon completion, the project will create more than 56,000 total permanent jobs and construction related jobs; and generate more than €4 billion of economic activity over a five year period—over €1.4 billion from operation, and €2.6 billion from construction.
The Cordish Companies has a strong history and proven track record of working with local communities to maximize employment opportunities for local residents and locally-owned businesses. The company employs sophisticated community outreach programs, partnering with local and regional higher education and vocational schools, workforce development organizations and governmental bodies, in order to achieve the broadest communication and outreach to local communities. Cordish also have a proven record and culture for achieving broad local participation in its projects, from construction to employment in operations to ongoing purchases of goods and services during operations.
In addition, the Cordish Companies and its affiliates have a history of leadership in philanthropy, working with local charities and non-profit organizations in all markets where they do business.
“We are committed to supporting the Madrid community through significant monetary contributions and in-kind services,” stated Weinberg. As part of its corporate culture, all of its employees and customers are also encouraged to volunteer their time in support of community initiatives.
