Locals and potential customers have eagerly anticipated the establishment of Costco in Valencia.
Current Status and Challenges
Initially scheduled to open in 2024, the project has faced several delays but remains on track. Costco’s Valencia store, planned for 2024, has experienced delays due to regulatory and infrastructural issues. Despite these challenges, the project is finally nearing completion. The regional Ministry of Environment, Water, Infrastructure, and Territory approved a change of land use from industrial to tertiary for the plot next to Heron City Paterna, where Costco will set up.
Initially, building and access requirements were impossible for Costco to meet. After 14 years of having an empty lot and the unfulfilled promise of IKEA, the reclassification of land use paves the way for more realistic commercial and office space. This approval is a significant milestone in overcoming the initial hurdles that stalled the project.
Adjustments and Reductions
The buildable area for Costco’s Valencia location has been reduced by over 42%, from 179,468 square meters to 103,932 square meters. This reduction eliminates the need for constructing two crossings over the CV-35 and includes plans for extending the T4 tram line.
The new scope redefines the land from industrial to tertiary use, with 49,887 square meters designated for commercial purposes and 54,044 square meters allocated for offices and hotels. Building heights will range up to 14 floors, depending on their proximity to the CV-35.
Economic Impact
Costco’s Valencia location will cover approximately 15,000 square meters, with an investment of 100 million euros. It’s expected to create around 250 jobs, providing a significant boost to the local economy.
How Costco Works
Costco operates several stores in Spain, including locations in Sevilla, Getafe, Las Rozas, and Sestao. A fifth store will open in Zaragoza this summer, with Valencia, Málaga, and Asturias next in line.
Costco offers bulk products ranging from food and electronics to jewelry and furniture. Customers must become members, paying an annual fee of 36.3 euros (IVA included) for individuals or 30.25 euros (IVA included) for businesses and self-employed workers. Membership provides access to a wide range of products at competitive prices.
Conclusion
Although the journey to open Costco in Valencia has been long and challenging, the wait is nearly over. Recent regulatory changes and ongoing developments suggest the opening is imminent. Valencia residents can look forward to the convenience and variety Costco offers, along with the economic benefits of new job opportunities.
(Source: This article is based on information from Levante EMV. For more details, visit their original article.)
