Forty Management has started the development of Lagoon City in Seville, Spain, following an investment with a gross development value of more than €100 million. The project’s first phase consisted of acquiring a 12 ha (120,000 sqm) site in Bormujos, a suburb of Seville located 15 minutes from the city centre.
The development of the Lagoon City project has also been enthusiastically accepted by the local public authority following its submission to the Bormujos City Council, which will support this significant investment by smoothly approving the urban planning documentation, providing access infrastructure, a dedicated public transport line and medium-term rental of apartments to be offered to teachers and doctors working at the university and regional hospital in the area. The project will generate over 600 jobs, mainly among young people, thus contributing to the economic and social development of the region.
The transaction is conditional on the seller obtaining the building authorization within a maximum of 18 months, a standard step for such complex projects. The transfer of ownership was made to the group’s Swiss division, Forty Management AG, and will subsequently be transferred to the local SPV, which will develop Lagoon City Sevilla.
This investment joins other Lagoon City mixed urban reconversion projects initiated by Forty Management, such as Lagoon City Bucharest and Budapest. Within Lagoon City Bucharest, only the first phase of the project was completed and opened to the public under the name of Lagoon Park, since the urban planning documentation has been blocked by the Bucharest City Hall (even though the project was fully financed and partnerships with platform operators had already been signed – with Radisson Grup for example, for the first Radisson Lagoon hotel, as well as with office building and commercial spaces operators).
“This major green urban reconversion project means a long-term partnership with the local authorities of Seville, to whom we are grateful for their openness and tremendous support. The entire local team involved has a clear understanding of the obvious impact and benefits of such a major investment, which include boosting tourism in the region, generating hundreds of jobs and creating a vibrant community, as well as creating memorable holiday experiences – all of which will support the local economy and contribute to the long-term prosperity of the entire area”, said Lucian Azoiței, CEO of Forty Management.
Recognized for promoting the Lagoon City self-sustainable, green urban reconversion project in Romania and abroad, Forty Management’s mission for the next ten years is to continue its international expansion with this concept.
Forty Management’s portfolio currently includes eight mixed-use Lagoon City projects and 11 Public Access Lagoon projects to be developed in six other countries – Spain, Hungary, Czech Republic, Poland, Italy, France, Hungary, and the Czech Republic – plus three luxury hotels with a total of 702 rooms – Radisson Lagoon and Central District Hotel – Crest Collection in Bucharest, together with the Swisshotel Hotel within Lagoon City Budapest.
