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New Projects Announced for Mexico City Total More Than $3.5 Billion

13 September, 2012

More than $3.5 billion in new projects
have been announced for Mexico this week,most notably the construction of 16
new skyscrapers that are scheduled to go up in the renowned Paseo de la Reforma
area in Mexico City,and the more than $600 million in foreign direct
investment that is slated to continue development of the capital's new Microsoft
Mexico tech center over the next few years.

According to the plan,from 2011
through 2016 the new skyscrapers will be constructed in an effort to
accommodate the growing demand for real estate in Mexico
City,which Mayor Marcelo Ebrard said has grown by nearly 15 percent so far
this year alone. Originally built in the 1860s by Emperor Maximilian I to ease
his daily travels to and from Chapultepec Castle and the National Palace,today
the Paseo de la Reforma area acts as home to several impressive national
monuments,hotels,office buildings and public spaces.

“All of these are multi-year projects,
they speak of confidence in the city,no one would make an investment of $500
million,$800 million or more... if they did not have confidence in what we are
doing and in the future of our city,” Ebrard shared at a real estate conference
earlier this week. “In the end,it is going to have to be digitalized and that
is surely going to have a very favorable impact on economic activity in the

The new Microsoft Tech Center project
was designed as a facility to train more than 2,300 software developers in the
coming years and is the first of its kind in Latin America. Earlier this week
at a luncheon that marked the 25th anniversary of Microsoft Mexico,
the software company announced that it plans to invest more than $600 million
in the center over the next few years,but details were not provided.

luncheon was attended by Mexican President Felipe Calderon,who praised
Microsoft for its many contributions to technology around the world and for
recognizing Mexico's potential as a location for the new facility. The center
will allow organizations throughout Mexico and Latin America to test products
in simulated environments such as home,office and mobile,effectively
replicating conditions that are routinely found in everyday life.

Topics: Mexico City