Gran Venetian Construction Site Shut Down for 5th Time


The Grand Venetian construction site was closed down for the 5th time this year, this time by the Urban Planning Department, which had already warned of the lack of safety measures for workers. Now the developers will have to pay millions of pesos in fines. Two people have already lost their lives there in 2007, falling from great heights. Despite the closure, none of the site’s 200+ workers have been given any kind of safety equipment. Although the Grand Venetian was notified by City Hall on August 14th to correct 102 matters requiring attention, only minor details changed. Some people believe the entire project should be closed down as the developer is building more floors than the permit allows.

The Gran Venetian has dropped its prices slightly reducing financing risk. There continues to be significant risk of completion within contracted time frames.

Recommendation: Pass