Sustainable Microcities: A New Vision for Living, Working, and Enjoying Life

On December 10, Santa Ana, a Spanish sustainable real estate development company focusing on Latin America, made its debut on the Spanish alternative stock market, BME Growth. In just a few days, its shares rose by over 50%. Santa Ana’s innovative business model, which revolves around creating sustainable microcities in Latin America—specifically in Colombia, Panama, and Chile—has captured the attention of investors both locally and globally. Over the next seven years, the company plans to construct more than 4,000 homes, with sales expected to start in the first half of 2025. The company estimates its cumulative sales will exceed €1 billion, signaling that the concept of sustainable microcities is becoming increasingly valuable in the real estate market.

The Concept Behind Microcities

Sustainable microcities represent an evolution of the "15-minute city," a planning approach emphasizing proximity to essential services such as housing, work, leisure, and healthcare. Gregorio Esteban, Santa Ana’s vice president, explains, “It’s a microcity because it integrates the basic infrastructure necessary for residents while being designed with green infrastructure to ensure sustainability.”

Architect and urban planner José María Ezquiaga elaborates on the idea, stating that a microcity combines autonomy with essential public services and a localized economy, differentiating it from commuter towns that lack independent functionality.

A Spanish Example: La Pinada

Spain offers its own example of a sustainable microcity: La Pinada, a project by Zubi Cities near Valencia. Spanning 30 hectares, La Pinada is a people-focused urban development model that began taking shape in 2018. Guillermo Ruiz, the general director of Zubi Cities, highlights the project’s broad approach to sustainability, encompassing environmental, social, and governance aspects.

La Pinada incorporates the principles of the 15-minute city by promoting efficient, sustainable mobility and integrating various functions—housing, work, leisure, and commerce—within the same area. The project emphasizes the circular economy, prioritizing renewable energy sources to minimize its carbon footprint and implementing water-saving and reuse technologies. It also explores innovative housing solutions to ensure accessibility for diverse socioeconomic groups.

Despite its promise, La Pinada’s progress has faced regulatory challenges. Ruiz notes that the European green taxonomy, which promotes sustainable investments, has helped attract funding, but regulatory hurdles remain a significant obstacle.

Why Santa Ana Focuses on Latin America

In contrast to Spain’s regulatory complexities, Santa Ana has chosen to develop its microcity model in Latin America. According to José Antonio Fernández Gallar, the company’s president, excessive regulations in Spain stifle innovation and delay progress. He cites the Madrid Nuevo Norte project as an example, comparing its slow approval process to the rapid completion of Canary Wharf in London and La Défense in Paris.

Santa Ana’s approach to sustainable microcities involves a vertically integrated model. This includes acquiring land, managing urban development, and creating mixed-use residential buildings that are energy self-sufficient and incorporate hotels and other facilities. The company handles all aspects of design, promotion, sales, and ongoing management, underscoring its long-term commitment to the regions it serves.

A Global Perspective

Ezquiaga believes that while the concept of fully self-sufficient cities is fading in both Europe and Latin America, the idea of eco-neighborhoods is thriving. These smaller-scale developments focus on sustainable mobility and minimal environmental impact while maintaining strong connections to the larger urban environment.

Examples of eco-neighborhoods in Europe, such as BedZED near London and Hammarby Sjöstad in Sweden, have proven successful over the past 25 years. These projects demonstrate how sustainable urban planning can create environmentally friendly communities that integrate seamlessly with their surroundings.

The Road Ahead

As sustainable microcities gain traction, their appeal lies not only in their innovative design but also in their ability to attract investment and address critical urban challenges. Santa Ana’s success in Latin America showcases the potential for such projects to transform urban living while navigating varying regulatory landscapes.

Whether through comprehensive microcity models or eco-neighborhoods, the future of urban development points toward sustainability, autonomy, and a closer connection between people and their environment.