PROJECT STORY
The Challenge
One of the few shopping malls built and located in the heart of Madrid, where Arcadis assumed control of cost management and monitored the works to guarantee financing.
Plaza Río 2 Shopping Mall
The success of cost management and exhaustive monitoring
The solution
By keeping costs tightly managed, monitoring the works and evaluating the environmental impact according to the Equator Principles, Arcadis ensured that the work was completed sustainably and within budget.
The impact
The Plaza Río 2 shopping mall is a large commercial project that is home to over 160 top brands, and its spectacular viewpoint offers a unique experience.
40,000
m² of GLA of the shopping mall in the heart of Madrid.
200
million euros of investment committed
A grand shopping mall in the heart of Madrid
There are very few shopping malls in Madrid, so LSGIE sought to take advantage of this opportunity with Plaza Río 2 Madrid — a shopping mall on the banks of the Manzanares river with 40,000 square meters of GLA, 1,200 parking spaces and a broad fashion and leisure offer, as well as a large viewpoint replete with terraces looking out over the city.
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But a project like this, right in the heart of the capital, is a tough task. Arcadis assumed control of cost management for the project and monitored the works in order to reassure the financial institutions involved and to ensure the financing and sustainability of the shopping mall.
Managing costs and monitoring the construction of Plaza Río 2 Madrid
A 40,000-square-meter shopping mall project requires a significant capital injection, and the developers of Plaza Río 2 entrusted Arcadis with cost management to optimize that investment. This is a shopping mall in which LSGIE has invested 200 million euros.
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Throughout the project, the new Madrid city council introduced substantial changes that affected the initial plans drawn up by Chapman Taylor, one of the leading specialists in shopping mall design. The changes required by the city council had to be incorporated into the original budget without costs overrunning, and that was only made possible by sound management, value engineering and an effective procurement strategy.
But in big projects like this, it's not just about knowing how to spend money: financing is key. In order to comply with the information requests from those funding the project, Arcadis comprehensively monitored the works and ensured that high sustainability standards were adhered to, carrying out periodic assessments throughout the entire two-year development period.
It also assessed and monitored compliance with the Equator Principles, which are a set of standards adopted by financial institutions that enable them to determine the social and environmental risks of projects they invest in.
Plaza Río 2, with its broad shopping and leisure offering, looks out over Madrid.
The project owes a large part of its success to Arcadis. We optimized costs and lent LSGIE our expertise to maintain the confidence of all stakeholders and to opt for new services.
We helped make Plaza Río 2 what it is today — a shopping mall in the heart of Madrid with up to 160 stores belonging to renowned national and international brands, where visitors can enjoy a 3,000-square-meter viewpoint on the fifth floor, take in spectacular views of Madrid Río and the city and savor a variety of culinary delights.
