An Edmonton, Alberta real estate developer that specializes in shopping malls and hotels is looking at developing a leisure and entertainment project in Spain, with an investment of up to €3.4 billion (US$3.9 billion).
According to Cinco Días, the Triple Five Group initially planned to develop its EuroVegas project in Castilblanco in La Siberia Extremadura, Badajoz Province. The group has now set its sights on the Costa del Sol and Cádiz to build the IR.
“We are looking at investment opportunities in Europe and Spain,” Paul Watson, head of Triple Five in Europe told the Spanish business publication. The company’s model for Spain is its own $4 billion mega-development in Florida, American Dream Miami. Just OK’d for development in Miami-Dade County, it will be the largest shopping center in the United States and include attractions like an indoor ski slope and a submarine lake. “I hope our investment in Spain in this sector can be similar,” said Watson.
Costa del Sol is conveniently located near Málaga Airport, the fourth busiest airport in Spain and major highways that connect the Mediterranean and Andalusian coasts. In addition, more than 1 million people live in Malaga and 12 million-plus tourists visit the area each year. The project could also include other activities such as a theme park, golf, water activities, a shopping center, restaurants and a large-scale hotel. The project, also known as EuroDreamResort, could also include a Formula One circuit and several casinos.
Triple Five Worldwide Group of Companies has developed, owns and manages the world’s first, second and third largest tourism, retail and entertainment complexes: West Edmonton Mall in Canada, the Mall of America in Michigan and the American Dream complex in metropolitan New York. Together the three projects draw more than 112 million visitors per year.
“The business needs to be profitable, something which would not have been possible in Castilblanco. It wasn’t the right location,” Watson said.
