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Latin America Investment News on Viva Tropical

Building a Mega-City With in Guatemala City.

Article Summary:

It will be called City Cayalá and it is a mega project in the zone 16 of Guatemala, just west of the Capital, will includes homes, shops, offices and recreational spaces and brings along with it a hefty price tag. The project, with a total of 347 blocks, includes seven phases. The first was opened in the second half of November, with an investment of U.S. $ 50 million.

Photo Credit: Estrategia y Negocios

Original Article Text From Estrategia y Negocios via Google Translate :

A City with Good Living

Cities in Guatemala and most of the developed world have traditionally around a main street with shops and services and a central plaza, where converge the social and cultural activity in the area.

An example is the Sixth Avenue in Zone 1 and the Central Park of Guatemala City, areas that the municipality tries to recover to preserve its historical value and improve the quality of life for residents.

But over the years, the increasing use of private transport led to a new urban model or condominium residential areas sheltered by walls and security booths, located mostly in the periphery of the city. So people must travel long distances to work, taking children to school or doing everyday activities like buying groceries.

What was the outcome? Stressed citizens who spend one or two hours every day stuck in a hellish traffic and have less time to relax.

Although it sounds paradoxical, Cayalá City, located in the zone 16 (west of the capital), is an innovative and traditional at the same time, incorporating avant-garde designs, but looking back to traditional urban model, with a large pedestrian shopping avenue , restaurants and community centers.

The avenue will be known as Paseo Cayalá, is surrounded by houses of various sizes and prices, tailored to the needs of various segments.

The idea of ​​this urban model modular, general manager explained Cayalá Group, Hector Leal, is to offer people the opportunity to work, shopping and recreational access in the same area where they live, reducing the use Vehicle and promote a healthier lifestyle or “good life” as he called the company.

The project, with a total of 347 blocks, includes seven phases. The first was opened in the second half of November, with an investment of U.S. $ 50 million, and included the Paseo Cayalá, an area of ​​7.2 blocks offering 18 restaurants and cafes, 35 commercial options, Club Cayalá and 610 parking spaces, more residential area of ​​Cayalá Cardales, with 6120 m2 and 310 parking spaces.

To reduce visual and auditory pollution produced by traffic in a commercial area, the parking will be underground in Cayalá Walk-located under the main street, so that people literally “walk in the basement ceiling,” said Leal.
The tour will feature spacious arches under which the pedestrian can travel in a secure environment, protected from sun and rain. Pedestrian traffic in the area, Leal said, it is important to create a sense of security.

The entrance to each of the condominiums will Cayalá Cardales of a checkpoint guarded by private security agents, and the entire complex will have an electronic monitoring service provided by Sony.

Cardales of Cayalá incorporates a wide range of restaurants, gyms, beauty salons and resorts, such as yoga and dance academies. The complex is located next to Green Park Cayalá, for people who choose to buy or rent a home in the area can have easy access to green spaces and outdoor recreational spaces.

In early 2012 construction start of the second phase and beyond, including the construction of the Tower Cayalá-space between eight and nine levels that will house offices, and to be built gradually over a period of ten years.

The master plan was designed Cayalá City in 2003 by the Luxembourg architect Leon Krier, Richard Driehaus Prize-winning classical architecture, which is collaborating for the first time a Latin American project.

“The business model we divide into two: a long-term lease of built-up areas, and other short-term, which is the construction of residential buildings for sale. We are also pursuing alliances with other developers to build office buildings and a hotel. Investment risks by having different areas to rent for various uses: residential, commercial and office space are quite diluted, “said Leal.

The manager said that the target market for rental housing are students and teachers of colleges and universities near the area 16, while homes for sale are “for established families, people who are considering a major investment.”

Cayalá City is not an idea that emerged from the overnight. Leal explained that “the group takes 30 years to develop the area,” and donated 50 acres of land which, together with other land owned by the state, were used for the construction of major arteries like Cayalá Boulevard, part Boulevard Rafael Landivar and 18 Avenue of the area 16.
Cayalá Group also donated to the State the ravine where it is today Cayalá Ecological Park, which houses a wealth of flora and fauna.

Over the past three decades, this has helped improve communication between zone 16 and the rest of the city, so this area is no longer part of a remote periphery, and is increasingly integrated with the rest of the capital.

Donations of land to the municipality had long-term objective of making the area 16 in a new pole of development, but also brought benefits to the residents of surrounding areas, such as areas 15 (west) and 18 (north), who have paths to reach the zone 10 (south) and elsewhere, said general manager Cayalá Group.

Today travel through the area about 37,400 vehicles per day in the Austrian Boulevard and Boulevard Rafael Landivar (zones 15 and 16) and 90,000 vehicles per day on the Boulevard Vista Hermosa (area 15), illustrating the rapid development that has occurred in this part of the area over the past 16 years.

For development of the area 16 to be sustainable, the City’s master plan includes Cayalá geological and water that have worked with the City of Guatemala, to ensure good land use, an issue that has gained great significance in the context of heavy rains for two consecutive winters have caused havoc in areas where urban growth has occurred in a disorderly manner.

Leal explained that there is an oversupply of housing in areas 10 and 14 (south), mainly apartments, but the offer in the single-family housing segment is smaller.

Currently, a total of 2497 dwellings of this type available in the areas 10, 14 (south), 15 and 16 (west). The homes available in town to compete with Cayalá sectors Road to El Salvador, closer to the capital, as Muxbal.
The company had planned to start construction of the project three years ago, but the economic crisis, which had a strong impact on the real sector, unexpected obstacles imposed in terms of fundraising.

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From Estrategia y Negocios

Latin America Investment News on Viva Tropical