Developers are planning a long-term investment of millions of pesos in renovating and restoring residential buildings in the historic center of Mexico City.

The president of the Mexican Association of Real Estate Professionals said that 250 million pesos (US $13.1 million) will be invested over the next five years, leaving old homes in the area ready to be sold or leased.

Pablo Vázquez Rodríguez said the real estate sector is interested in investing in the area due to its historic, financial, political and cultural relevance.

“Housing satisfies a family’s social needs, but it also creates community and gives society an identity,” he said, adding that the industry received Mayor Claudia Sheinbaum’s initiative to reinvigorate the historic center with “optimism.”

The initiative will recondition the area to encourage housing projects, attract investment and achieve an “inclusive urban development,” Vázquez explained.

He also remarked that the restoration of several areas, including those of Antigua Merced, Santa María La Redonda, the Alameda Central park and Hidalgo avenue, has already started, along with an assessment of the center’s subsoil, its sewer and water systems and the repaving of streets.

Source: Milenio (sp)