DECISION POSTPONES OPENING OF LUXURY MALL IN SAO PAULO. AGAIN.


The opening of the new luxury mall JK Iguatemi, in Sao Paulo, scheduled for April 19, has been postponed once again.

The district court decided that JK Iguatemi could not start operations to the public until local roadworks to be executed by the mall were concluded, under a daily a fine of US$250 thousand approximately. The mall appealed from this decision and last week the Court of Appeals of the state of Sao Paulo mainteined the district court decisin and denied WTorre's (the mall's constructor) advance relief requesting authorization to start operations despite not having concluded the roadworks required by the city.

As a result, the mall will continue to need authorization to open its doors to the public untill the Court of Appeals render its final decision on the case or untill the roadworks are finished.

According to the city of Sao Paulo, through an action filed by the Pubic's Attorney Office, the opening of the mall will highly impact the local traffic and modifications in the local roads are necessary in order to reduce the impact and provide more pedestrian safety.

The roadworks required are: construction of a bridge out of Kubitschek Avenue, creating an additional track on a stretch of Marginal Pinheiros, the extension of bike path along the river and the construction of a walkway connecting the bike path to the Parque do Povo.

With four floors of shops and estimated daily public of 20,000 people, the mall received an investment of approximately US$170 million and has a gross leasable area of 35,246 squared meters.

The opening JK Iguatemi mall has been highly antecipated by the public since the new luxury mall will house brands like Lanvin, YSL, Balmain, Prada, Miu Miu, Tory Burch, Bottega Veneta, Goyard, Doce & Gabbana, Nicole Mille, Rapsodia, Lacoste, Van Cleef & Arpels, Jaeger LeCoultre, Chanel Beauté, LaDurée, Sephora, Zara Home and Topshop. 






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