Amílcar Olán acquires stake in illegal Polanco luxury development

Businessman Amílcar Olán has acquired a 19.55% stake in a luxury apartment building project in the Polanco neighborhood of Mexico City. The construction site, located at Socrates 211 in the Miguel Hidalgo borough, was recently shut down by authorities after inspectors discovered the illegal addition of a fifth floor. The property's land-use certificate only permits a maximum of four levels.

According to investigations by Mexicanos Contra la Corrupción y la Impunidad (MCCI), Olán paid 8.89 million pesos in cash between June and November 2022 to secure his share of the 463-square-meter lot. This acquisition occurred during a period when companies linked to Olán were receiving government contracts, including the supply of ballast for the Tren Maya and medical supplies for the governments of Tabasco and Quintana Roo.

Olán is a co-owner alongside other investors, including Pyramid Desarrollos Inmobiliarios and Baux Inmobiliario. The project has faced multiple suspensions, with local officials reporting that workers previously violated official seals placed during a prior closure.