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The development of the northern area of Madrid

The urban development of the northern area of Madrid is a reality that will come to light throughout 2017. This is due, fundamentally, to the fact that the Ministry of Public Works and the Madrid City Council (Ministerio de Fomento and el Ayuntamiento de Madrid) have unlocked a project that had been paralysed for more than 20 years. It establishes the burial of Chamartín station tracks and the construction of green areas, offices and homes in an environment that, for several decades, has been largely abandoned.

The project in question is called Madrid Puerta Norte and was presented by the mayor of the city, Manuela Carmena, last May. According to data provided by the Consistorio, it is estimated that this project will lead to the creation of no less than 128,000 jobs. The details have been established with the promoter of Distrito Castellana Norte and according to Minister De la Serna, everything else will follow suit. 

Out of the 128,000 jobs that have been discussed, 56,000 will be residential construction workers. In addition, 17,000 will belong to the industrial sector and another 55,000 to mere commercial use. The president of the Community of Madrid, Cristina Cifuentes, has officially commented that she will not have any objection to this project as long as the parties involved agree and establish a viable solution that allows the city to grow in all directions.

Madrid - proyecto-norte madrid.jpg

Photo: © El País

The initial reluctance by the president of the Community of Madrid were due to the breakdown in negotiations between the city council and DCN. However, since talks resumed, they led to the approval of official dates for starting the project.

For his part, Minister Íñigo de la Serna, is convinced that the project in Chamartín will complete this year as scheduled thanks to the agreements that his ministry has come up with DCN, which is part of BBVA and San Jose. The negotiations are moving forward, but it seems clear that the most complicated part has already been resolved.

This development in the northern zone will also make a significant impact on the completion of Wanda Metropolitano. This is a stadium built in La Peineta, which will be the venue for Madrid's Atlético matches. Likewise, the 'Live Resort!' Which is intended to be built in Torres de la Alameda, the complete restoration of Plaza de España building and even the Santiago Bernabéu are the other examples of work in progress that are taking place on the northern side of the capital.

Engel & Völkers

Madrid
Génova, 27 - 5th floor
28004 Madrid
Spain
Phone
+34 91 277 45 00

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