Operation Chamartín developer increase its capital up to €8.5M

Operation Chamartín developer increase its capital up to €8.5M

This raise of capital will be supported by BBVA and Grupo San José, DCN stakeholders, and directed forward the payment of 4.3M to Renfe and Adif, as a compensation for extending per 20 months the sale agreement referring to the land.

Vozpópuli reminds that by the end of 2016 expired the agreement reached by DCN with Renfe and Adif, owners of just over 60% of the land for the operation Chamartín, for the sale-purchase of the land in exchange of €1.200M. Since both parties decided to open a period of negotiation, together with the Madrid city Council, in order to unlock the development, DCN and the development companies decided to extend the first sale agreement for 20 months, meaning until August 2018.


A business center that follows the “path” 

Many details are not yet known about this 3.1M square meters project, but it will be a venture with a strong pedestrian component, with an office area, houses (ca. 13,000 units), a new station Chamartín and green areas.

«It’s fundamental to close Castellana. The goal of the design is that the development axis duplicate at the beginning of the road: a big line in the middle for pedestrians and roads on the sidelines for cars. The name of the street is «Paseo de la Castellana», and "paseo" means a place to walk. The idea is to respect this concept», explains Simon Smithson, partner of architect Richard Rogers, who is in charge of designing the project, mentioned by Vozpópuli.

The aim is to extend Castellana up to 4km, a pedestrian area focused on citizens, and that it could be a new neighborhood.  The same responsible says that «who intends to accommodate in this area may have a foot in the modern business center and the other foot almost in the field. That does not happen not even close in places like Wall Street or City of London».

«One of the most complicated aspects of this operation is the client, which is none other than the city of Madrid», says Simon Smithson. «The dimensions are huge, no one is use to a project like this, nor the City council neither the partners, not even ourselves.  That's why we’ve had to align our ideas, meaning a change of mentality and a process much more open». 

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