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Consortium Formed by Leroy Merlin and Creative Real Estate Plans to Build a Shopping Center in the Area Where the Former Vasp Was Located, Very Close to Congonhas Airport in São Paulo.
The land was auctioned in 2017 and, since then, the companies have been preparing to build the commercial space. The idea is that the new establishment will feature a store from Leroy Merlin and other types of businesses, as well as services, parking, and restaurants, everything that a good shopping center should offer. The project estimated at R$ 1.2 billion was carried out with the aim of attracting investors.
The Project Aims to Provide an Additional Option for Leisure and Shopping for Local Residents and Tourists.
The construction of the new shopping center in this unusual area could attract a high-income visitor flow, both from passengers passing through the airport and from residents of neighboring districts.
The low competition in heavyweight shopping centers in the region could be a booster for the project, as there are few commercial developments in this area. The main shopping center present in the region is Ibirapuera, which is located about four kilometers from the airport, equivalent to a 20-minute drive.
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The Development Is Expected to Include a Wide Variety of Stores and Services to Meet Local Demand.
The Congonhas Malls Real Estate Investment Fund was responsible for raising the funds for construction. The project has great potential due to the expectation of a high visitor flow that transits through the airport, as well as consumers from neighboring neighborhoods and the lack of competition in the area.
Moreover, the project has specifics that could help convince investors. The construction of the new shopping center could drastically change the business landscape in the area surrounding Congonhas Airport, which currently has few significant commercial undertakings.
The Forecast Is That Construction of the Shopping Center Will Start Soon, Generating New Jobs and Boosting the Local Economy
Although a construction project for an Iguatemi shopping center is underway, which will be built on a plot located on Avenida Moreira Guimarães, two kilometers from Congonhas, it does not yet have a set date to break ground and, therefore, is not considered a direct competitor to the project by Leroy Merlin and Creative Real Estate.
In summary, Leroy Merlin and Creative Real Estate won the auction for the land where the former Vasp was located to build a shopping center costing R$ 1.2 billion. The shopping center, located near Congonhas Airport, will feature a Leroy Merlin store along with other types of businesses, services, restaurants, and parking. The project is being conducted by the Congonhas Malls Real Estate Investment Fund, which is seeking investors. Given its location in an underexplored region with high-income potential, the project has significant chances of success.
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