The project will be developed in a 2.3 million sqm terrain, located North of Madrid and includes the development of a new business centre, as well as more than 10.500 new dwellings and retail spaces, reports Spanish newspaper Cinco Días.
If the project is approved on the coming 25th of July, the construction works are estimated to start between 2020 and 2021, according to the same newspaper.
This project was designed by Distrito Castellana Norte, a company owned by BBVA and San José, which approved, three months ago, a 22 million euro capital increase to support part of the construction works.
It should be noted that this is not the first time a possible approval of the project is announced. The same occurred last April and last September, however the Madrid Nuevo Norte has been under evaluation by the Madrid City Hall for the last two decades.