Santo Domingo from the 60th floor!

[VoltageDeNYC]

Originally Posted by Chip00

Of course it is a good idea - it will bring international business and wealthy people - all who hav a lot of money to spend.

Yeah. I think that all around the city there is really a movement to try and bring in more business to Santo Domingo. Not just with the Caney Tower or this new proposal, but with a lot more. There are plans to renovate the Quisqueya Stadium, but it doesn't stop there. Within this planned are towers with a total of 300 mid-class apartments, hotels, mall, possible convention center (there is a design competition), and commercial buildings. Also two major commercial constructions have been reactivated (Caribbean Mall and Business Center and Diandy XX). There are more projects but those are just a few examples of projects that aren't just about residence.

[newuser]

Originally Posted by NALs

the luxury hotels along the Malecon have a tremendous advantage. For example, the Hilton SDQ has the advantage of being within the Malecon Center mall complex -NALs

Is it really an advantage? I was in the Malecon Center Plaza 2 weeks ago and it looks to be less than 10% occupied. As far as the apartments, at night there are lights on in about 15 apartments. I'm not sure how many apartments are in the complex but it appears to be more than 100.

Do you have any idea why this project has not realized its completion?

[NALs]

Originally Posted by newuser

Is it really an advantage? I was in the Malecon Center Plaza 2 weeks ago and it looks to be less than 10% occupied. As far as the apartments, at night there are lights on in about 15 apartments. I'm not sure how many apartments are in the complex but it appears to be more than 100.

Do you have any idea why this project has not realized its completion?

Many of the apartments were bought as investments, some by part timers and others by full timers. A few are still on the market, although they are resales meaning that an investor bought them and then try to resell the unit at a profit.

Regarding the mall, its all about location. There are many plazas and malls scattered in areas within and closer to where the bulk of the moneyed classes live, hence Malecon Center has had a mediocre success. It definitely can't compete with other large malls like Plaza Central or Acropolis Center or MegaCentro or even Bella Vista Mall among others; all of which have a higher occupancy rate than MC mostly due to their location.

Having said that, there is still plenty of potential for Malecon Center mall to become a success due to several factors:

1. As the moneyed classes continue to grow, so too will the demand for more businesses catering to their tastes and desires. Of course, there will be competition from newer malls being built elsewhere in the city (ie. Blue Mall which is under construction a few blocks north of the Acropolis and the other mall that will be built near the Americana Dept store / Ikea area on Kennedy Ave, to name a couple).

2. If the plans to create a beach along the malecon materializes, that will definitely increase the tourist flow into the Gazcue/Malecon area, perhaps compete with other beach destinations in the country with the added advantage of being a beach destination within a city with all the conveniences that entails. This is where the real potential lies for MC, because it will be "the" place to shop, eat, hang out along the entire strip. Presumably, with the creation of the new beach, more hotels will be built in the area, which will be to MC's advantage.

3. The Dominican economy is doing relatively well, despite the global financial crisis. Once the global economy rebounds from the recession, the performance of the Dominican economy will do even better and all of that is added advantage to MC.

So the potential is still there, the project itself has not failed per se. Its taking a bit of time for the shopping center to be decently filled, but the apartments are mostly sold and the hotel is doing well.

-NALs