In the last few hours, the pronouncement by the company in charge of the construction megaproject was known, Arena del Rio in Barranquilla It was projected as one of the most important points in real estate and entertainment that would come to innovate in the metropolitan city, however, the project will no longer be carried out for what the reasons were known.
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In the midst of the reactions to the cancellation of the project, Arena del Río communicated the reasons that influenced the decision to be made, in writing Peter Gianulis and Édgar Rentería, Partners Two Way Stadium Inc, added the consequences for which the drastic decision was made.
“We have instructed Fiduciaria Bancolombia to immediately start the return process to our 550 member clients of boxes and apartmentsof the totality of the contributions with their respective yields”, says the statement.
In this way, it was reported that Peter Gianulis will remain as head of the project and will have to supervise the return of the resources of the buyers who are in fiduciary custody, in this way, the contracts of promises of sale will not be executed, so it begins process to close them complying with all the corresponding obligations.
In principle, it was projected that the construction would be carried out in a total of 23 hectares, it would also have 100 luxury apartments and 120 offices that would be distributed in more than 13,000 square meters, apart from having an area for events.
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In addition to this, there was the projection of the construction of a five-star hotel and most importantly, a sports structure with which there were already investments of 407 million dollars.
Among the factors that affected the construction project, according to the statement, are high interest rates, the devaluation of the Colombian peso and the increase in inflation registered in the country, which financially affected the project.