The InTempo tower in Benidorm was meant to represent the town strong after the recession.
It’s the tallest residential tower in the EU.Jul 21, 2013 - 6:40:56 PM
But at the end of the same year, in December 2012 the Sarab (Society for the management of assets in the restructuring of banks) better known as ‘the bad bank’ took over the financial credit of the building which was supposed to signify a before and an after in Benidorm architecture.
El País has seen the documents from this time and says there was a heap of incompetence. Excessive credits and dishevelled construction and with a starting credit of 3,100 € Olga Urbana were going to construct ‘a unquestionable standard of the future’ which rises 200m into the clouds.
The now extinct Caixa Galicia lent the project 92 million € in 2005. It was a mortgage which ended up in the Nova Caixa Galicia after the merger of the Galician savings banks, and finally the project ended up in the Sareb bad bank.
The bad bank obtained 50% of the project for 46 million € and a tax charge of 11 million.
So now the situation is complicated. The credit belongs to Sareb, the building still belongs to Olga Urbana, and only the real estate company Maxxima can sell it due to the contract that has been signed.
The 47 floor 269 flat building, according to sources close to the project, suffered its first set back in 2009 when the construction company went into liquidation. The Caja Gallega then stopped the construction and has been studying it’s viability. The bank has employed a Madrid company, Suasor, to control the costs of the project. They will be paid a commission on what money they save.
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