Andora: building permit granted for the former Ariston site
A fund managed by Blue SGR is to develop a new residential complex as part of a project worth around 40 million euros
The Andora Mare fund, managed by Blue SGR – which specialises in the structuring and management of property and debt investment funds – has obtained, from the Municipality of Andora (Savona), planning permission for the former Ariston site, overlooking the sea at Andora, which has been in a state of neglect for over 20 years. The safety measures for this site have also now been completed.
As part of a project worth a total of around 40 million euros, the fund will develop a new seafront residential complex, just 200 metres from the town centre and 800 metres from the marina, comprising, as a press release explains, ‘four buildings and flats characterised by high quality standards, environmental sustainability and energy efficiency, as well as a unique location with direct access to the beach’.
“Obtaining planning permission,” says Paolo Rella, CEO of Blue SGR, “represents a key milestone for the Andora Mare fund and enables us to begin the operational phase of a project that is particularly significant for the local area. We believe that the regeneration of existing assets can breathe new life into unused areas, contributing to sustainable development and the creation of long-term value for local communities.”
The note goes on to explain that the completion of the planning process, together with the completion of the demolition work and safety measures, “represents a crucial step in the project’s enhancement and development and, looking ahead, will also allow the focus to shift to the marketing phase”. Blue SGR currently manages assets worth approximately €2.5 billion.
