This is the long awaited project that will also offer new parking facilities for the city of Santiago.
It's estimated to take an initial investment of RD$ 1.3 billion pesos and accommodate hundreds of stores.
This project was stalled since late 2010, as no agreements could be reached with a hold-out property owner that was smack right in the middle of the project's construction. After more than two years of court rulings, the holdout has been taken out of the picture and demolition work was started in earnest.
The guy wanted a ridiculous amount of money after a contract in principle was signed for a pre-negotiated amount. He got wind of what was coming in the property and reneged on the agreement. Courts sided with the developers after negotiating by the parts failed to settle the contract out of court.
I posted on this before here. Now the project is going to be 100% a private investor's development, where before it was a city/private contract.
Some data on the project developing now:
It's estimated to take an initial investment of RD$ 1.3 billion pesos and accommodate hundreds of stores.
This project was stalled since late 2010, as no agreements could be reached with a hold-out property owner that was smack right in the middle of the project's construction. After more than two years of court rulings, the holdout has been taken out of the picture and demolition work was started in earnest.
The guy wanted a ridiculous amount of money after a contract in principle was signed for a pre-negotiated amount. He got wind of what was coming in the property and reneged on the agreement. Courts sided with the developers after negotiating by the parts failed to settle the contract out of court.
I posted on this before here. Now the project is going to be 100% a private investor's development, where before it was a city/private contract.
Some data on the project developing now: