Ag jeans hudson yards1/14/2024 ![]() ![]() To reduce its impact on local retailers, the developers are also considering rolling out the project in phases. The two firms also announced in December that they may eliminate plans for an indoor snow park after local residents and elected officials expressed concerns about its environmental impact, according to financial firm S&P Global. real estate investor but is now unloading properties under pressure from the Chinese government. It is being developed by French firm Ceetrus and Chinese property development conglomerate Dalian Wanda Group, which until recently was a major U.S. The site will include nearly 1.6 million square feet of retail, 540,000 square feet of cultural space, 215,000 square feet of restaurants, 2,000-plus hotel rooms, an urban farm and parkland - plus a new transit system.Ĭonstruction started on the $3.5 billion EuropaCity in 2013 and is expected to be complete in 2024. Egyptian authorities said the parties could not agree on how revenues would be split.īIG’s overall plan calls for expansive landscaped rooftops in the shape of rolling hills, and walkways to imitate Parisian streetscapes. In December, negotiations fell apart between Egyptian authorities and Chinese developer China Fortune Land Development Company, which had planned to spend $20 billion developing 15,000 acres of the city over the next 25 years. ![]() The country has a lot riding on the project, which is being overseen by the Administrative Capital for Urban Development company, jointly owned by the Egyptian military and the country’s ministry of housing, Over the last decade, many in Cairo’s middle and upper-middle classes have moved to the suburbs, but glassy towers are now attempting to lure them (along with international buyers and investors) to the new city.īut at least one big deal has collapsed. But the total cost has yet to be fully tallied.Įgyptian President Abdel Fattah al-Sisi is scheduled to move his office to the city as early as June 2019, along with more than 30 government agencies, according to news reports. When it was announced in 2015, the Egyptian government, which is overseeing the project, said it would cost $45 billion and take only seven years to complete. Currently a giant construction zone, the city - which is expected to cover about as much land as Singapore - is being billed as Egypt’s first high-tech metropolis, and many hope it will draw international investment, which the ancient city of Cairo was not doing. The new city, which sits in the desert 20 miles east of Cairo, will include housing for over 6 million people, 2,000 schools, 1,250 mosques and churches, 600 medical centers and a 5,000-seat conference center. ![]()
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