Culmia, Oaktree's residential developer, continues its growth plans with an important commitment to the Community of Madrid. Specifically: Valgrande, the new urban development to be developed in Alcobendas.
With this purchase, the former Solvia becomes the largest owner of Valgrande, with approximately 15% of the total (335,000 sqm of land and 150,000 sqm of building space). There, the company will develop 10 developments, of which 55% will be allocated to public protection housing, 30% flats and just over 10% will be single-family apartments.
The Alcobendas City Council gave the green light in May to Valgrande, an urban development of almost 2.2 million sqm of surface that is going to be carried out in the area of the S-1 “Los Carriles”. In this new neighborhood the construction of 8,600 homes is contemplated, of which 55% will be public protection (4,730) and the rest free housing (3,870).
It is estimated that Valgrande will mobilize an investment of about 2,300 million euros, between the public and private initiative. Of the total figure, 850 million will be allocated to urbanization works; 1,250 million to the construction of houses and 200 million for public facilities and endowments.
According to the Compensation Board itself, it is expected that the urbanization works will begin in early 2023 and it is estimated that they will end at the beginning of the year 2026. It is expected that the construction works of the new homes will begin in early 2024, and will delivered throughout the year 2026.
The new PAU of Valgrande will have almost 579,800 sqm of new green areas, which will account for 27% of the project area. In addition, with action, a natural transition strip of about 200,000 sqm will be created to facilitate access to Mount Valdelatas. Similarly, a central park will be created with an area of 212,200 sqm, which includes a network of walking paths, playgrounds and leisure and stay areas.
“Valgrande is one of the most ambitious urban projects in the Community of Madrid and meets all the requirements to consider it a strategic investment for Culmia, taking a relevant position and adding value to society through urban management and residential development of all typologies ”, explains Pablo Méndez, Culmia's Investment Director.