Mayor delivers public works funded by real estate development in Mexico City

Miguel Hidalgo Mayor Mauricio Tabe has inaugurated the rehabilitation of the Jaime Torres Bodet Park and upgraded sidewalks, ramps, and safe crossings in Lomas de Chapultepec. These improvements were financed entirely by mitigation funds generated from the Reforma 505 real estate development, meaning they cost taxpayers nothing.

These projects fulfill the obligations developers must undertake to offset the impact of their construction and enhance the urban environment. Tabe highlighted that real estate development can yield community benefits when mitigation measures are transparently applied to improve public spaces.

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The vision of this government is that development is positive when mitigation resources are properly applied in the area, when they are transparent and clear, to maximize public works. Real estate development is not bad; what's bad is when there's corruption and when areas are exploited, leaving only problems for the neighbors.

"The vision of this government is that development is positive when mitigation resources are properly applied in the area, when they are transparent and clear, to maximize public works," Tabe stated. He added, "Real estate development is not bad; what's bad is when there's corruption and when areas are exploited, leaving only problems for the neighbors."

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We didn't have to haggle or pressure; the proposal was made, spoken very clearly, they responded immediately and said: 'we will support this public space work.' That's how we work every day, and I say this because not all developers have the same story.

The mayor praised Grupo SOMA, the developer behind the BBVA Mexico office tower at Reforma 505, for promptly meeting the required mitigation work. "We didn't have to haggle or pressure; the proposal was made, spoken very clearly, they responded immediately and said: 'we will support this public space work.' That's how we work every day, and I say this because not all developers have the same story," he noted.

David Rodríguez Lara, Executive Director of Urban Services, pointed out that this project exemplifies how collaboration between government and private enterprise can create better public spaces. The park's renovation included new walkways, tree care, planting, updated street furniture, lighting, and inclusive features like ramps and tactile paving for visually impaired individuals, making the area safer and more accessible.

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Through these urban integration schemes, private resources are leveraged to be applied responsibly and transparently in the public sphere, and here is the result.