El Toyo promotors go bust

Matinesa-Fadesa, the huge construction and real estate group that was one of the main movers behind El Toyo (they built the Olympic Village, one of the main hotels and a bunch of houses) has just gone into administration after failing to renogatiate a debt of 5100 million euros. Another nail in the coffin!

What was going to be El Toyo II, between El Toyo I and Retamar, has now been mooted to be council houses instead of the luxury developments originally planned. However, the Junta seems alarmed at the idea, but they can’t find anywhere else to put the council houses (VPO).

They were also planning to build a large golf course in Antas, and were expected to be interested in the Juntas new plan for the Llano Central. If the Junta thinks that they’re going to get anything done on the Llano Central in the next 10 years they’re living in Cuckoo land.

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