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Shell of deluxe Atrium complex

The group responsible for the huge concrete skeleton which has stood abandoned on La Cala beach for the past nine years is looking for investors! Javier Garcia, managing director of The Magic Costa Blanca group of hotels said he recognised that the financial market its not at its best at this particular time (somewhat of an understatement I would say) but they are looking at re-launching the project.

Work was halted back in 2003 after the Town Hall put a stop to further construction as they were in breach of the license - adding on several extra floors. They came to an agreement and paid a 4.5 million fine to legalise the sale of several surrounding plots and partially demolish some of the excess construction that paralyzed the project. According to Garcia they are looking for another 200 million to complete the project which includes furnishing the complex. He accepted that at this time it may not be easy to find an investor of this magnitude and so are "studying the feasibility of redesigning the project to reduce investment". 90 million euros have already been invested in the project with a further 50 million euro loss since the project was stopped in 2003.

The chain presented its revised project last April to convert the former Atrium Hotel into a luxury resort with over 1300 rooms - consisting of 1000 four star and 300 five star, a wide range of leisure facilities including a 20,000 sq mt lake pool, restaurants, shopping malls, spa, theatre and conference/banqueting rooms.

La Cala beach
Apparently they have received a number of enquiries from International Investments Funds but all have been rejected as the offers stipulated "demands" - who can blame them! I think that Mr Garcia is kidding himself if he expects someone to invest 200 million  euros and not have any say.

La Cala is a very popular beach - the smallest and quieter of the 3 which adorn Benidorm (Levante and Poniente being the other two). It is set in a sandy cove and always a firm favorite with families. Last year it was the scene of the flash floods which tragically took the lives of 2 British pensioners who were at the Friday market - since then it has been relocated further up the road and away from the path of the dry river bed.

 Last year British tourism increased by 9% and this years forecast is for 13% - if it carries on at this rate then there will be a bed shortage in the town by 2014 when the project is due to be finished. Lets hope they find some investors that don't ask a lot of questions - perhaps the Chinese may decide to diversify from the usual shops and restaurants! Or if you happen to have a few million sloshing around in your current account then get in touch and I'll pass on your details to Mr Garcia.

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