VIEW FROM THE TOP |
CREATING 21ST CENTURY TOWN SQUARES JIMMY ARAKANJI Co-Founder and Co-CEO of Thor Urbana
Q: Why has Thor Urbana decided to focus on the Mexican
City squares or Zocalos, were traditionally the meeting point
commercial real estate market?
of communities throughout Latin America and we want our
A: There continues to be a deficit in quality commercial
projects to serve the same purpose for the new generations.
spaces required to meet the demand of Mexico’s growing
Many countries, including Mexico, have strayed away from
population. We continue to see great activity in the
spending time in their city squares due to insecurity. By
construction of commercial real estate and Thor Urbana
providing secure environments, we can give back a sense
wants to continue creating new retail and mixed-use
of community and strengthen the social tissue. By investing
projects that adapt to the needs of the 21st century market.
in these inclusive spaces we are able to generate win-win
We have noticed that modern society is no longer interested
situations where our tenants are able to retain customers
in the traditional commercial spaces as people now seek
longer and continue attracting new ones. We are developing
social, community and experiential spaces that add value
projects with these characteristics in Metepec, Merida,
to their everyday life
Guadalajara, Cancun, San Luis Potosi and Tijuana, and look to continue doing so within new booming cities.
Thor Urbana has identified many cities that have the right combination of demographics and economic development
Q: Why did Thor Urbana decide to construct Town
for commercial development. Commercial real estate is
Square Metepec?
continuing on an upswing and demand will only continue
A: Our value proposition brings with it a variety of
to grow. There are many new brands that want to penetrate
entertainment and restaurant options. A great example is
the Mexican market through innovative projects such as
Town Square Metepec. The Toluca Valley has more than 3
the ones we are developing. We are leading commercial
million people and there was no project that offered the
developers but we want to make sure that we continue to
type of experience, lifestyle and tenant mix that we are
create truly unique projects that bring cities to life.
offering in our project. Most of the residents of Metepec had to travel to Santa Fe to find these kinds of amenities.
Q: What is the role commercial real estate developers have
This project will break the traditional paradigm and will give
in transforming Mexico’s secondary cities?
Metepec a new city center for social interaction.
A: Developers have a considerable responsibility in detonating investment in secondary cities through the
Almost all real estate projects are accompanied with social,
creation of valuable real estate projects. Ultimately,
environmental and economic implications that developers
developers have a direct impact on the urban landscape
must solve and there will always be groups that are in favor
of a city or neighborhood through what they construct. We
or opposition of its construction. That is the law of real estate
have the ability to develop world-class projects that will not
development all over the world. Thor Urbana wants to be the
only boost the aesthetics of an area but also its economic
best neighbor possible and acts responsibly to improve the
activity. Thor Urbana wants to continue developing spaces
quality of life of the area and bring a new value proposition
that have a positive impact on their surroundings. The type
that did not exist before. We investigate and run focus groups
of real estate investments that we are making generate
to ensure that the project is of the expected quality and that
employment and boost economic development, but what
it will have a positive impact on its surroundings.
we really want to achieve is the creation of a project that society can truly benefit from. The types of projects we are creating go beyond serving a mere commercial purpose
Thor Urbana is one of Mexico’s leading real estate investment and
but actually aim to create spaces within the community
development companies. It specializes in mixed-use projects with
that promote social interaction and wellbeing among clients
developments in Metepec, Merida, Mexico City and Guadalajara.
without them necessarily having to purchase an item.
It is developing over 10 million square feet across the country
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