Santa Ana, a Spanish sustainable real estate development company that focuses on Latin America, debuted on the stock market on December 10. That day it began trading on the Spanish alternative market BME Growth and until last Thursday it had achieved a revaluation of more than 50%. Its business model, the creation of sustainable microcities on the Latin American continent, specifically in Colombia, Panama and Chile, where it plans to build more than 4,000 homes in the next seven years, has aroused the interest of national and international investors. Sales start in the first half of 2025. Although it is early to say, this operation confirms that sustainable microcities are gaining value in the market. Santa Ana estimates to generate more than 1,000 million euros in accumulated sales. But what is so special about these microcities to attract investors? Gregorio Esteban, vice president of Santa Ana, compares this concept to the natural evolution of the 15-minute city, an increasingly established urban planning approach that proposes that the majority of citizen services (housing, work, leisure, health…) be close by. or at short distances. “It is a microcity because inside there are the basic equipment that allows the buildings to be inhabited and, at the same time, it is planned from the point of view of a green infrastructure, which means that it can have that sustainable seal,” he summarizes. For José María Ezquiaga, architect and urban planner, “the idea of a microcity implies that it has a certain autonomy associated with public services and the existence of a human economy, both in terms of housing and equipment. If not, we would be talking about a dormitory city.”Recreation of a microcity by the Santa Ana developer.
The Spanish example
The closest example of a sustainable microcity that we find in Spain is La Pinada, developed by Zubi Cities and created by its future residents, which, with an area of 30 hectares in the metropolitan area of Valencia, began to take shape in 2018. A model of environmentally friendly and people-oriented urban development. “We conceived the realization of this real estate development applying a broad concept of sustainability in its environmental, social and governance aspects,” says Guillermo Ruiz, general director of Zubi Cities. To achieve this, this company is also committed to the concept of the 15-minute city. It promotes efficient and sustainable mobility, integrating different uses in the same space, from housing and work to leisure and commerce. La Pinada focuses on promoting a circular economy, considering the life cycle of materials. “Reducing energy consumption is essential, prioritizing renewable sources to minimize the carbon footprint throughout the process of real estate projects,” says Ruiz. “In addition,” he adds, “efficiency in the use of water and innovative solutions for its capture and reuse are fundamental in our projects.” For Zubi Cities it is imperative to explore new housing formulas beyond purchasing or renting, guaranteeing access to housing for diverse socioeconomic profiles and different needs throughout the phases of life. Regarding urban design, the project It has closed a first phase and is now in process with the Administration. And, although the difficulties of this type of development are being smoothed out by the influx of investment, thanks to the promotion of the European green taxonomy (a system to classify which investments and economic activities are sustainable), regulatory requirements mean that there is still a long road ahead in our country. Excessive regulation is precisely one of the reasons that has led the Santa Ana real estate company to focus its business model on Latin America. Although the company plans to take this business model to other countries, Spain is resisting it due to its suffocating regulation, according to its president, José Antonio Fernández Gallar. He gives as an example of administrative slowness one of the most important operations in Europe, Madrid Nuevo Norte, formerly Operation Chamartín: “It was approved at the same time as Canary Wharf, in London, or La Défense, in Paris, and these two developments Not only are they completed, but the buildings have been resold. In Madrid we haven't even started.» This manager, who has developed a large part of his career at Grupo Villar Mir, bases the innovative concept of sustainable microcities on vertical and comprehensive integration: starting with the acquisition of land, urban management , their transformation into plots of land, and these, in turn, into energy self-sufficient and mixed-use residential buildings, integrating hotels, for example. All this without forgetting the design, promotion and sale, as well as the subsequent management of the projects. Santa Ana's vocation is long-term. “We come to places to stay, which is something different. The comprehensive model implies a commitment,” reasons Gregorio Esteban. In its favor is that it does not have competition with the same business model in these countries. Ezquiaga maintains that “the concept of a completely self-sufficient city is declining in Europe and Latin America. But the eco-neighborhood is booming.” This is characterized by being located in an environment without environmental impact and with sustainable mobility in connection with the rest of the city. In this sense, during the last 25 years, several examples of eco-neighborhoods have been developed in Europe, such as BedZED, near London, or Hammarby Sjostad, in Sweden.