Madrid Nuevo Norte will help meet the housing needs in northern Madrid with 10,500 new dwellings. It will include a high-quality residential park with a stylish design and maximum energy efficiency that meets the most demanding European standards. 20% of these dwellings will be subsidised, which is double the amount required by law.
This below-market-rate housing will be part of the compulsory assignments that the City Council will receive and that will be entirely used as residential land. This will add 1,900 council-owned, market-rate housing to the 2,100 affordable dwellings, enabling the City Council to move forward with its public housing policy.
The project, which will regenerate degraded land and connect historically isolated neighbourhoods, will significantly increase the affordable housing stock to meet the needs of northern Madrid. Currently, the land available for below-market-rate housing in the northern section of the capital is virtually exhausted. Indeed, many families and young people who wish to leave the family home find it difficult to settle in this area, owing to a shortage of affordable housing. With this new stock, access to housing will be easier under regulated conditions.
These dwellings will coexist with other uses, such as office spaces, public facilities and local shops. The aim is to avoid becoming a commuter town and create vibrant neighbourhoods full of urban activity.
Residential use will be spread across three different areas, which correspond to the three urban domains in which the project is divided. Circa 2,600 homes will be located in the southern section, close to the Central Business District next to Chamartín train station. Most of them will be spread around the vast Central Park. The second group of approximately 7,140 dwellings will be situated to the north, on both sides of the Agustín de Foxá extension. A significant part of urban life will be centralised on this street, with numerous local shops at street level.
Finally, some 742 dwellings will be located in two residential blocks at the western edge of Las Tablas neighbourhood.
Affordable housing will be distributed across the three domains, interspersed between market-rate housing. Madrid Nuevo Norte is still engaged in the urban planning procedure, and its initial approval is expected during this month. Whether future below-market-rate and market-rate housing developments will be for sale or rental will be decided once the final approval has been granted and subsequent reparcelling of the domains has been completed.