Arenas town hall is finalising plans to grant planning permission for a project to build a residence for older people along with a hotel in Cerro de Bentomiz, Arenas.
The project, known as El Jaral, is being funded through a private partnership of Belgian and Scandanavian investors and developers. The group have asked to start on only five percent of the project at this stage and say that the rest will be divided into three phases.
However, the granting of the licence is pending the completion of an environmental assessment report currently being drawn up by the council.
Once completed, it will give the definitive go-ahead for a project "that the town has been dreaming about for almost 20 years", said the mayor, Manuel Ríos, earlier this week.
Although initially the investment was going to be around 60 million euros, it has since risen to 100 million, as the project has increased in size from 10 to 15 per cent of the 700,000 square metres of land available.
According to the developers, once built and operational, the residential and hotel complex will generate some 300 permanent jobs. The retirement flats and hotel facilities will feature amenities including tennis and paddle courts and covered walking trails.
The developers have said that the design of the building will be sustainable and "promote harmony between humans and the natural world".