Cuernavaca will get its first mixed-use real estate development with the construction of Averanda, a 49,000-square-meter commercial, residential, office and retail complex, its developers announced yesterday.
The 3.75-billion-peso project will be built on the site of the former Club del Lago Cuernavaca in the east of the city, capital of Morelos, near the Mexico City-Acapulco freeway.
Averanda will include two hotels with a total of 250 rooms, a commercial center anchored by Sears and three apartment towers housing 180 units. The latter will sell for prices ranging between 2.5 and 3 million pesos.
The development will also house a cinema, restaurants and a bowling alley, said Ian Reyes, general manager of Ares Arquitectos, one of the developers.
At a ceremony announcing the project yesterday, state Economic Secretary Juan Carlos Salgado said Averanda demonstrates how pubic investment in infrastructure can attract private-sector investors. The public portion is known as the Paso Express, a 14.5-kilometer expansion of the Cuernavaca bypass on the Mexico-Acapulco highway.
The Paso Express, with up to five lanes in each direction, will provide the principal access route to Averanda.
State Governor Graco Morelos was also on hand for yesterday’s announcement, where he took advantage of the opportunity to remind the audience that Cuernavaca is no longer on the list of Mexico’s least secure cities.
Averanda is slated to be completed in the fall of 2017, said Jack Amkie of ProArquitectura, also a developer of the project.
Source: CNNExpansión (sp)