Colonial advances with the works of what is currently its star project in Madrid: the Méndez Álvaro campus, in which the Socimi, in addition to offering office space, is also planning its first development of rental housing.
According to the Economist, the construction company ACR will be in charge of raising the residential development that is made up of 374 dwellings, this being one of the largest build-to-rent projects that is currently underway in the Spanish capital.
The project, which will take place over an estimated period of 21 months, has been designed by Estudio Lamela following sustainability criteria and is characterized by its commitment to the implementation of industrialized solutions and processes, among which the most outstanding are 440 bathrooms to be inserted in 3D modules.
With 33,000 sqm above ground, this residential development complements the office campus, thus becoming a project that bears the Colonial seal, not only for the sustainability of the whole complex, which will have the Breeam certificate, but also because it promotes the mix of uses by improving the urban fabric of the area, which in recent years has positioned itself as one of the most prominent areas of the CBD for offices in the south of Madrid.
The residential project was awarded after ACR had completed the first phase of the work in six and a half months, which consisted in the construction of the ground floor of the said building, which has 23,800 sqm.
Although Colonial has not yet made the final decision on which will be the operating model of the residential part, sources in the sector point out that it is most possible that, for the moment, it decides to remain as patrimonial with the the entire project, since the idea is that the public of these rental homes is closely linked to the office spaces on campus, which has a total surface area of over 90,000 sqm.
This will be the largest office complex built in Madrid within the M-30 and will be made up of a 17-storey, 74-meter-high tower along with another nine-storey building, expected to be delivered in 2023.
To carry out this project, the Socimi will make an investment of 323 million euros. In fact, this is the largest development of the Socimi led by Pere Viñolas, after some other notable projects like the Biome project, located in the center of Paris, with an investment of 283 million euros, and Marceau 83, also in the French capital, an investment of 154 million. These three developments accumulate more than 50% of the value of the total projects that Colonial has underway in Madrid, Barcelona and Paris with a total pipeline of 1,264 million euros.