Los Berrocales now sees the light at the end of the tunnel to start building its first homes. The Madrid City Council's Governing Board has given final approval to the Berrocales Urban Development Project, the first of the city's recent major projects. Thanks to this approval, simultaneous urbanisation and building will be allowed, which will allow the construction of the first 4,500 homes of Stage 1 in 2023 and the 5,500 homes of Stage 3 in 2025.
At Berrocales, the country's largest real estate developers, including Kronos, H. Santos Solares, Ebrosa, Via Celere, Aedas, Habitat, Pryconsa and Inmobiliaria Sandi, are present, and some are already in the pre-sales phase. This allows the possibility of acquiring high quality affordable housing in the capital.
The development project will be executed and financed by the Junta de Compensación de Los Berrocales with the supervision of the Madrid City Council's Area of Works and Equipment, and will be developed in six stages with an expected investment of 782 million euros.
Urban development of Los Berrocales, a total investment of close to €5.3 billion
The Berrocales Urban Development Project in Madrid includes a number of important features such as accessibility for people with reduced mobility, pedestrian priority in the streets, the inclusion of bike lanes and green areas to improve sustainable mobility, the recovery of the Marañosa stream for public use, sustainable water management and the implementation of LED lighting to save energy and reduce light pollution.
According to PwC's economic impact report, the Berrocales project will involve a total investment of around 5,279 million euros and the estimated generation of 206,500 total jobs in Spain.
The cumulative economic impact on the GDP of the city of Madrid and the Community of Madrid will be more than 8,700 million euros and will generate more than 167,000 cumulative jobs, both direct and indirect, considering the different phases of the project (urbanisation, construction and operation).