Private investors will develop projects worth 8.75 billion pesos (US $425.1 million) as part of Mexico City’s plan to revitalize the capital’s historic center, Mayor Claudia Sheinbaum said Monday.

Speaking at an event in the Santo Domingo square, Sheinbaum said the resources will go to the development of six hotels, three commercial buildings, three residential buildings and three museums in the historic center.

The mayor asserted that the injection of capital shows that the private sector still has confidence to invest in the downtown area, home to some of Mexico City’s most iconic buildings such as the National Palace, Metropolitan Cathedral and Palace of Fine Arts.

Sheinbaum noted that her government has invested about 1.1 billion pesos (US $53.4 million) in the revitalization program, explaining that the money has gone to a range of infrastructure projects including water and drainage as well as the recovery of public space.

“We’re thinking that this investment will double in the coming years. In other words, we’ll end up with a [public] intervention of around 2 billion pesos,” she said.

Infrastructure Minister Jesús Antonio Esteva Medina said public funds have been used to repave roads, replace water lines, repair building facades and install street lights.

He said that projects will be carried out this year to upgrade four public squares in the historic center and build a new center of innovation, freedom, art, education and knowledge. The total investment for the projects is 379.8 million pesos, Esteva said.

About 60 million pesos will be allocated in 2021 to the replacement of more water and drainage lines while 124 million pesos will go to the restoration of historic buildings including the Santo Domingo church.

The announcements came after Sheinbaum said Sunday that her government will invest over 41 billion pesos (about US $2 billion) in an overhaul of the Mexico City Metro system.

Source: El Economista (sp)