Coronavirus
Paseo de la Reforma will be the site of new projects. Paseo de la Reforma will be the site of new projects.

Mexico City offers 17 real estate projects to counteract slowdown

All will be sited along the capital's emblematic Paseo de la Reforma boulevard

The Mexico City government has authorized the construction of 17 real estate projects along the capital’s most emblematic boulevard as part of efforts to combat the economic impact of the coronavirus pandemic.

The government gave the green light for 14 projects on Paseo de la Reforma in the central borough of Cuauhtémoc, as well as three along the avenue’s extension in the boroughs of Álvaro Obregón and Cuajimalpa.

A notice published in the government’s official gazette on Tuesday said that developers must register their interest in building one or more projects within 15 days. If their application is approved, they must commence construction within 30 days of the lifting of restrictions put in place to limit the spread of Covid-19.

Signed by Mayor Claudia Sheinbaum, the notice said that the projects, as a result of their “nature and location,” have the potential to stimulate the economy.

The developers will be required to obtain all environmental and other permits that apply to construction projects. The government also said that the projects must be sustainable, incorporating features such as solar panels, rainwater collection systems and green walls.

The developers should seek to offer jobs to people who live near the area where the project will be built, the government said.

They will also be required to provide information about their projects to people who live and work in the area within 15 days of commencing construction. The information can be provided either online or in booths set up near the construction site.

Economic activity is expected to decrease significantly as a result of the outbreak of Covid-19 in Mexico and the measures put in place to contain it. Unemployment is expected to increase in April and tens of thousands of businesses in Mexico City alone are predicted to close.

The Mexico City government has ordered the closure of many non-essential businesses as well as the cancellation or postponement of large events, and is encouraging residents to stay home as much as possible.

There were 66 confirmed cases of Covid-19 in the capital as of Tuesday, more than any other federal entity.

Source: Milenio (sp)

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