The inauguration was initially scheduled for mid-2009, then pushed back to the summer of 2011. It dates back to a time of unlimited credit and unfettered development Now Sareb has assumed the loan for 46 million euros, representing a debt release of 50 percent. The now-defunct Caixa Galicia extended a 92-million euro loan in 2005 - a mortgage that ended up at Nova Caixa Galicia following the merger of Galician savings banks. A construction firm, Olga Urbana, pompously advertised what was going to be "an unquestionable banner of the future." The landmark building would rise meters up into the clouds. Its beginnings date back to a joyous time of unlimited credit and unfettered development. (Once a fishing village, Benidorm is now famous - or infamous, depending on the viewpoint - for a glut of high-rises that have earned it the nickname "Beniyork.")īut in late December, with 94 percent of the building completed and 35 percent of units sold, Spain's bad bank, Sareb, announced that it was taking on the loan that a savings bank had extended to the developer eight years ago.ĮL PAÍS has had access to documents showing that the building that was meant to represent a glorious turning point in the history of Benidorm, but in fact it represents a long story of incompetence. The twin towers joined at the top by a cone were to become a symbol of the post-crisis takeoff of the Spanish city of skyscrapers par excellence. In May 2012, when Benidorm government officials climbed up the InTempo - the European Union's tallest residential building still under construction - for a photo op, they had an idea. InTempo, which rises high above Benidorm's already crowded skyline.
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