In Galicia, there’s renewed debate over a high-profile story that began back in the early 2000s. Back then, a luxury residential and sports complex was planned for the coast of the Ría de Vigo in Cangas. The project, named Marina Atlántica, was linked to the renowned British architect Norman Foster. Yet, two decades later, the ambitious plans have resulted only in court battles and financial disputes.
In 2004, the idea was to build an upscale district on the site of the abandoned Massó fish canning factory, featuring a yacht marina, a five-star hotel, residential buildings, shopping areas, and even a museum dedicated to the history of whaling in Galicia. All this luxury was supposed to cover over 28,000 square meters of land and nearly 90,000 square meters of water. Investment was estimated at €151 million, and the project was strongly supported by local authorities and the management of the then Caixanova savings bank.
However, behind the glamorous vision lay complex financial schemes. Key figures at Caixanova, including its former head Julio Fernández Gayoso, orchestrated a deal in which the land for the future complex was purchased from private owners for €53 million—even though just a year earlier it was valued at only €19.3 million. Prosecutors later called this an unjustified windfall for the sellers. The deal was financed through convoluted loans and corporate maneuvers, ultimately resulting in huge losses for the bank. These losses were later covered by the state, and the remaining assets ended up with Abanca.
The project that never came to life
Despite high-profile statements and even Foster’s visit to Vigo in 2005, construction never began. The architect limited himself to an introductory tour, and his involvement remained little more than a publicity move. As time passed and the economic landscape shifted, the project quietly faded into obscurity. Questions of legality and transparency were discussed in court, but no one was held accountable as the statute of limitations expired.
Today, twenty years later, Residencial Marina Atlántica, now controlled by Abanca, has resurfaced. The developer is demanding that the Cangas municipality return €1.7 million, which was paid as an advance under a 2006 agreement. The local authorities, who have changed since then, are in no hurry to meet these demands, arguing they are unfounded. At the same time, a new project proposal is on the table: this time it’s only about building around 700 apartments, with no marina or the previous ambitious plans.
A legacy of Spain’s ‘golden’ investment era
The story of Marina Atlántica has become a symbol of the turbulent and sometimes contradictory years of Spain’s construction boom. Back then, big banks, politicians, and business magnates easily launched large-scale projects, not always considering the consequences. The result—multi-million euro losses, protracted court battles, and disappointment among locals who never saw the promised transformation of the coastline.
The fate of the site remains uncertain. Abanca is trying to recover its investment, while the authorities in Cangas are unwilling to take on past commitments. The future of the former Massó factory property is once again up in the air, but now without the previous fanfare or big names. The Galician coast continues to await change—this time, however, with caution and a clear memory of past mistakes.
