Metrovacesa starts construction work on ALMA, its first development in Granada

• The developer today celebrated the groundbreaking ceremony for the Cuartel de Mondragones sector, which marks the start of construction of the first phase of ALMA, which will have 59 homes.

• Likewise, as part of its commitment to the Andalusian city and as proof of the positive reception of the project, it has already begun marketing the second phase of the development, which will add an additional 134 homes.

• In collaboration with the City Council and the Regional Government of Andalusia, Metrovacesa seeks to improve the environment, providing it with a wide range of new-build housing with the highest standards of sustainability.

• The total investment planned by the developer for the development of ALMA will be 54 million euros, which will have a significant impact on economic activity and job creation in the city.

Granada, 12 July 2024. Metrovacesa, Spain’s leading real estate developer with more than one hundred years of history and more than 115 projects under development nationwide, this morning celebrated the presentation and groundbreaking ceremony of the first phase of its ALMA development, in the sector known as Cuartel de Mondragones. Marifrán Carazo, Mayoress of Granada; Jorge Pérez de Leza, CEO of Metrovacesa; and other company officials, have detailed the characteristics of the project, aimed at recovering a historic enclave.

Metrovacesa will allocate a total investment of 54 million euros for the development of the two phases of ALMA, which demonstrates the developer’s commitment to Granada and the economic impact and job creation for the city.

With this, the company’s main objective is to contribute to the regeneration of the neighbourhood, responding to the current housing need in Granada. Furthermore, as the listed Spanish real estate developer with the largest land portfolio in the market, Metrovacesa focuses its efforts on sustainable urban development, with the aim of creating safe, inclusive, resilient and efficient urban spaces. For this reason, and as is standard practice in its developments, ALMA will apply measures focused on improving the quality of life of future owners. Among them, it will seek the highest energy classifications; innovative construction solutions to minimise the carbon footprint throughout the life cycle of the buildings and the application of alternative energies to reduce the consumption of less sustainable ones, with a positive impact on nature. All this, in an environment of close public-private collaboration, with the support of the Junta de Andalucía and the Granada City Council from the beginning of the project.

More than 500 new homes will be developed on the sector’s plots, including those acquired by Metrovacesa from the Andalusian Regional Government in February 2023, with a total surface area of 6,330m2 of developable residential use. Specifically, the developer will promote the ALMA development, which envisages the development of 193 free housing units in two distinct phases, to which will be added 317 residential units with the classification of subsidised housing to be promoted by the Andalusian Regional Government and the City Council.

The developer is starting construction work on the first phase of ALMA, which will comprise 59 multi-family dwellings, with between two and four bedrooms, ground floor apartments with gardens and penthouses. All the homes will be equipped with parking spaces and storage rooms. It will also have children’s play areas, green areas, a swimming pool and a gourmet space for meetings. Furthermore, in response to Metrovacesa’s commitment to sustainability, the development will incorporate solutions that go one step beyond the regulations, such as the VERDE sustainability seal certifications and compliance with the developer’s own DOMUM Commitment to Quality, Sustainability and Health. In addition to this, the implementation of its Life Cycle Analysis (LCA) tool, which measures the environmental impact of the development in all its phases, has been added.

Also, in its commitment to the Andalusian city and thanks to the excellent reception that the first phase of ALMA has had in the market, Metrovacesa has already begun marketing the second phase of the development, which will add an additional 134 multi-family homes with between one and four bedrooms.

Marifrán Carazo, Mayor of Granada, said: “We have the challenge of creating sustainable and innovative housing, which will respond to the demand for habitability that we know there is. Granada is constantly growing as a city to live and invest in, hence the importance of working to facilitate and unblock projects from the City Council to make them a reality”.

In the words of Jorge Pérez de Leza, CEO of Metrovacesa: “Metrovacesa is firmly committed to Andalusia, where we have different types of projects under development throughout the region, and especially to Granada, a place where we are particularly excited to be making our debut.

Granada has a thriving economy and is home to important business initiatives, such as the Andalusia AI centre and the project accelerator office, which have made it a pole of attraction for talent. The arrival of these professional profiles, coupled with the needs of the current population, result in a growing demand for quality housing. At Metrovacesa we are committed to meeting this demand with our new developments”.