Page 33 - U4SSC Compendium of practices on innovative financing for smart sustainable cities projects

The main objectives of this project included:

• Recovery of the coherence and composition of the facade

• Recovery of the residential character of the complex
• Establishment of a normative planning framework for private interventions

• Definition of the volumetric (3-dimensional) standards for architectural or private interventions
(i.e., limitations on altering windows due to protection measures of historic or cultural heritage,
etc.)

• Definition of the protection of the buildings

Sustainable Development Goals impacts

SDG 8: Renovated specialized shops employ dozens of people providing decent stable jobs to
area residents and therefore it will contribute to long-term economic growth.

SDG 11: The renovation of the apartment building will ensure its resiliency and long-term viability.
The project also protects architectural heritage.

SDG 17: Cooperation among apartment owners, residents, local businesses, government and
construction companies.

People-first elements

• Improved living conditions: The Plaza Redonda has been an active centre for wholesale and
retail businesses for several decades. Renovation of the plaza thus added tremendous value
to the entire commercial life of the city, while simultaneously improving the living conditions
of local homeowners.
• Greater access to essential services: The project is aimed at directly or indirectly improving
essential services such as access to water, sanitation and electricity through upgrades to the
plaza building and attached private apartments. Infrastructure was further adapted to meet the
needs of disabled people.
• Local job growth: The project created new local jobs at all three project stages, that is, renovation
of the building facade, renovation of the plaza and renovation of the 71 apartments forming
the interior of the building.

• Growth in tourism and business: The Plaza Redonda was an intervention related to the whole
city centre. Renovation of the inner city was a positive factor for business and tourism, thus
creating additional wealth and value in the city. The upgraded plaza has led to a rise in tourism
to the area and new businesses by the way of craft shops and tapas bar.

Compendium of practices on innovative financing for SSC projects | January 2023 21