Culmia invests €143M in a residential project in the Community of Madrid

Culmia invests €143M in a residential project in the Community of Madrid

Culmia plans to start marketing the homes planned for Retamar de la Huerta, a residential development project located in Alcorcón, at the end of the year. The developer will undertake a total investment of 143 million euros between land, urbanization and development.

Specifically, the complex has 114 hectares and arises from the consolidation of all vacant land between the limits of the built-up areas of the municipality of Villaviciosa de Odón (Urbanización Campodón) and the M-50. Culmia has 59.000 sqm of residential buildable area for the development of 17 promotions with 544 single-family and multi-family homes. The project totals 3.503 units, with Culmia being the largest private owner with 21% of the total.

The company is working with the City Council to achieve final approval of the urbanization project and special infrastructure plans with the intention of tendering, awarding and starting the urbanization works by the last quarter of 2021. The company intends to combine the urbanization and development works by mid-late 2022.

If all deadlines are met, the first homes are expected to be delivered in the last quarter of 2024. Retamar de la Huerta is located in an area surrounded by housing developments and other low-density residential areas. The planning of the sector has been based on three criteria: the exclusively residential development of the project, the structuring of lucrative uses in a north-south axis through the main road and the connection of all green areas, open spaces and facilities.

«The good harmony that we have demonstrated over so many years of work with the Alcorcón City Council and the rest of the owners of the area has allowed us to complete stages with a general consensus. This is one of the most ambitious and promising projects in the Community of Madrid, which will undoubtedly continue to attract investment interest in the coming months», said Xavier Tapas, Culmia's director of urban development.

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