New Housing Real Estate Projects Provide Support

Mexico City Mayor Claudia Sheinbaum announced a number of measures to inject cash and investment into an economy that is slowly fading into the unfortunate effects of the ongoing COVID-19 crisis. One of those measures involves one of the city’s most lucrative sectors: construction and development of housing and real estate. Sheinbaum announced on Wednesday that an official notice had been published calling all real estate developers interested in investing in 17 new projects on one of the city’s central avenues: Paseo de la Reforma. El Universal reports that 14 of the 17 projects are mostly focused on the section of Reforma crossing the Cuauhtemoc borough, starting at the “Lion’s gate” of Chapultepec Park and ending in Juarez Avenue. Paseo de la Reforma is considered one of the most visited sections of the city due to its monuments and landmarks. Juarez Avenue is the main street that leads into the city’s downtown area. The remaining projects are located several kilometers southwest of the city on Paseo de la Reforma leading to Santa Fe, one of Mexico City’s most high-end suburbs.  

El Universal also reports that Sheinbaum believes this move will generate 200,000 jobs and play a pivotal role in the city’s economic recovery from the COVID-19 crisis once shutdowns and quarantines can be lifted. These projects are of great interest to developers and construction would begin in a maximum time of 30 days after sanitary measures are terminated. Sheinbaum made it clear that this acceleration did not exempt any applicant from fulfilling all requirements in terms of environmental, social and urban impact, particularly in terms of mobility. However, administrative assistance to meet these requirements would be provided. It is important to highlight, as Proceso reports, that construction rules and laws that protect historical buildings  were violated during Miguel Ángel Mancera’s administration with the construction of Torre Cuarzo, located on Paseo de la Reforma.