Grupo GICSA reported that the main competition for its Galerías Metepec project is Town Square Metepec, already in operation and owned by the Thor Urbana group.
What is the Galerías Metepec project like? It will be located in the developed commercial area of the municipality of Metepec, State of Mexico (Mexico), one of the municipalities with the highest GDP per capita in the country and the first mixed-use development that will include firms that will be located for the first time in that municipality. who have been looking for a development of this type in which to settle.
In addition, the complex is intended for commercial use, with a total Gross Profitable Area (GLA) of approximately 55,114 m², its main tenants will be department stores, self-service stores, restaurants, cinemas, gym, as well as offices of local companies or of personal use.
GICSA considers that the characteristics of the project, as well as the mix of different lines of business and services, will make the project quickly become the leader of Metepec once it begins operations.
The property has an environmental impact analysis to meet all the necessary guidelines for construction and operation.
Likewise, the property includes a wastewater treatment plant.
Materials and supplies are certified according to NOM, NMX and GICSA suppliers are certified for operation and construction.
The property has a safety and hygiene manual for construction. Galerías Metepec is insured with a civil works policy.
With information at the end of 2020, the conclusion of the construction works and the project in general is under review.
With a 100% stake in GICSA, Galerías Metepec requires a Capex of 2,835 million pesos, of which 1,771 million had been invested as of December 31.
How are progress? At the end of last year, 94% in excavation and foundations, 79% in civil works, 5% in facilities and equipment.
On average, the work had been 47 percent complete until then.