Madrid Nuevo Norte receives final approval from the Comunidad de Madrid

Madrid Nuevo Norte receives final approval from the Comunidad de Madrid

This information was advanced last Thursday by the president of the Comunidad de Madrid Isabel Díaz Ayuso, who stated before the Madrid Assembly that «the Urban Committee has already definitively greenlighted the new project Madrid Nuevo Norte». And she further advanced that the project’s scale model will be presented next Wednesday the 22nd of July, and that it will be on display for the whole community of Madrid from September.

The decision was taken after the required technical adjustments were rectified. It should be noted that on the 25th of March, the Consejo de Gobierno de la Comunidad de Madrid had already greenlighted the project, which it considered to currently be «the largest urban renewal project in Europe, which will contribute for the region, and in particular the capital, to become a reference in terms of 21st century urbanism using the latest trends in terms of mobility, energy efficiency and environmental sustainability», it can be read in the note published in the community’s page.

The project has an allowed buildable area of 2.657.313 sqm, of which 1.050.00 sqm are destined for housing and 1.040.00 sqm for the tertiary sector with mixed uses to boost urban activity. Madrid Nuevo Norte will generate up to 250.000 jobs, create 10.500 dwellings (20% with affordable rents) and will offer a new iconic image to the capital with a state-of-the-art business district.

This is a mega-project estimated at 6 billion euro which is in the hands of society Distrito Castellana Norte which is currently shared by BBVA, group San José and Spanish REIT Merlin Properties.

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