President of Distrito Castellana Norte (DCN), Álvaro Aresti, celebrated this decisive step, which ended a process that lasted for 26 years.
«The approval opens a new stage, which will allow for the execution of the largest urban renewal in Madrid’s recent history and the largest in Europe», he assured.
DCN’s president also remarked that the project «is not just any real estate project, but a unique one, with a scale and a transforming power never seen before».
The project covers a 2.357.443 sqm terrain, of which 1.048.535 sqm are destined for housing and 1.608.778 sqm for the tertiary sector with mixed uses in order 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.