New lifestyle centers reflect changing consumer habits, real estate growth, and the push for 15-minute living.

A new face for Cuenca’s growth

Cuenca’s changing skyline isn’t defined only by residential towers and gated communities. Across the city, sleek glass façades, landscaped plazas, and buzzing cafés now mark a new wave of urban life: neighborhood shopping centers. Over the past three years, these developments have increased by 12%, transforming how residents shop, dine, and socialize.

In neighborhoods such as Puertas del Sol, Challuabamba, Ricaurte, Río Amarillo, and Misicata, small and mid-sized malls have become local landmarks. Each offers the same mix of convenience once reserved for downtown—banks, pharmacies, pet stores, boutiques, and restaurants—all within a few blocks of home.

“The plazas have grown as the city has expanded,” says Henry Astudillo, president of the Cuenca Chamber of Construction. He notes that growing congestion and limited parking in the historic center have pushed both residents and investors toward decentralized commercial spaces designed around accessibility and mobility.

The 15-minute city vision

Developers and planners are embracing the concept of the “15-minute city,” where residents can access essential services, workspaces, and leisure options in under a quarter of an hour. For Cuenca, a city of winding streets and heavy traffic, the idea is both practical and aspirational.

“This decentralization isn’t just a trend—it’s a solution,” Astudillo explains. “People want to save time and live in neighborhoods where they can take care of everything nearby.”

The model also fits Cuenca’s reputation as one of Ecuador’s most livable cities. Its strong employment rate and steady tourism have fueled consumer demand, while investors see opportunities in combining convenience with lifestyle-oriented design.

From commerce to community

Unlike the impersonal shopping centers of the past, Cuenca’s new plazas are built around a social-commercial concept—spaces to eat, meet, and unwind. From live music performances to weekend art exhibitions, they’re becoming extensions of the public square.

In Plaza Soleil, for instance, residents can have lunch at international franchises, browse local jewelry or clothing boutiques, and finish with a coffee under shaded outdoor seating. In the south, the Megamaxi and Megatienda del Sur complexes in Challuabamba offer similar multi-use experiences that blend commerce with recreation.

“On holidays, when the main malls are overcrowded, these neighborhood plazas come alive,” Astudillo says. “They’ve turned every corner of the city into a meeting point.”

Architecture, technology, and sustainability

The new shopping centers are as much about design as about commerce. Developers are emphasizing modern architecture, natural lighting, and landscaped courtyards. Plaza Granada in Challuabamba, managed by real estate firm Ejeproy, stands out as an example of how technology and sustainability are shaping Cuenca’s commercial boom.

“These plazas are built for efficiency,” says Javier Ordóñez, Ejeproy’s manager. “We integrate solar energy systems, smart lighting, and recycling programs to reduce long-term operating costs.”

Energy and water conservation systems, waste treatment plans, and renewable energy panels are now standard features. The shift toward greener construction aligns with the broader trend in Cuenca’s real estate market, where environmental sustainability is increasingly tied to long-term profitability.

Economic impact and investment returns

While Ecuador’s construction industry recorded a national decline of 2.5% in the third quarter of 2024, Cuenca defied the trend—posting 18% growth by year’s end. New plazas have contributed significantly to this momentum, creating hundreds of construction jobs and steady employment in maintenance, retail, and hospitality.

The ripple effect extends beyond the city’s commercial core. Local industries, such as Cuenca’s ceramics and porcelain factories, supply many of the materials for flooring and façades. Restaurants and franchise operations, in turn, support the service sector and tourism.

Investment costs vary widely. According to Ordóñez, commercial plaza construction averages between $500 and $550 per square meter, plus VAT. Astudillo, however, says that high-end developments can reach as much as $1,300 per square meter, depending on land value, layout, and finishing.

Challenges of space and planning

Despite the sector’s momentum, developers face mounting obstacles. Prime land within Cuenca’s urban limits has grown scarce and expensive, particularly in high-demand areas like Puertas del Sol and Challuabamba. “Land cost is the biggest challenge,” Ordóñez says. “Because these plazas are built in desirable zones, it often outweighs the construction itself.”

City zoning and infrastructure also remain points of concern. Most plazas are limited to two or three floors due to municipal height restrictions, meaning investors must balance profitability with limited space. Better urban planning, experts argue, could allow for more efficient development and integration of public transport routes.

Even so, optimism prevails. Developers expect continued expansion as new housing projects attract more residents seeking nearby amenities. With economic recovery underway and local spending on the rise, Cuenca’s plazas are redefining not just where people shop—but how they live, work, and connect in a modern city that continues to grow outward while keeping its community spirit close.