This ambitious residential development, named Magna, stands as the largest initiative in Grupo Abu's history and one of the most significant nationwide in terms of business volume. The project will occupy over 40,000 square meters of buildable area on the former Tres Carabelas site, located next to the La Carihuela health center in Torremolinos.

The real estate operation not only represents a significant economic injection for the town but also aims to revitalize an area that has been stagnant for two decades. The complex, just a five-minute walk from La Carihuela beach, will consist of various mid-rise buildings, designed with contemporary and functional lines. Emphasis will be placed on spacious common areas, including swimming pools and landscaped gardens, combining Mediterranean aesthetics with innovative solutions for energy efficiency.

The plot has a complex history, marked by the Cruiser Tres Carabelas hotel project, presented in 2006 by the developer Arco Sur. This hotel, which promised 469 rooms and a 120 million euro investment, was thwarted by the 2008 financial crisis and a dispute with the Junta de Andalucía for non-compliance with Torremolinos' General Urban Planning Plan. Construction, which began in 2007, halted in late 2008, and Arco Sur entered receivership in 2012, leaving the foundations abandoned and drawing local criticism.

The situation was resolved in September 2023, when the Torremolinos City Council approved an urban planning agreement that allowed the change of land use from hotel to residential, under the Andalusia Land Sustainability Promotion Law (LISTA). This agreement not only facilitates Grupo Abu's project but also ensures significant financial compensation for the council, which will receive 15% of the urban development profit, exceeding the legal minimum.