The Governing Board of the City Council has approved the proposal of the owners of the Malmea-San Roque-Tres Olivos land to create a single execution unit in this area.
The execution unit project reflects the consensus of the majority of the owners to promote Madrid Nuevo Norte.
This measure will speed up the urban management of the development and make it more efficient.
Madrid City Councillor for Urban Development, Mariano Fuentes, today announced a new development for Madrid Nuevo Norte. The Governing Board has given initial approval to create a single execution unit for the Malmea-San Roque-Tres Olivos area, the largest by extension of the four that make up the Madrid Nuevo Norte development.
Due to its size, the project planning considered the possibility of dividing this area into two different execution units, which would have required two Compensation Boards. However, as explained by the councillor, the majority of the owners joined forces and submitted a project to unify the execution of Malmea-San Roque-Tres Olivos, which has been approved by the Governing Board at the request of the Urban Development Area.
The creation of a single execution unit for this area is an important step forward, and it reflects the consensus of the majority of the owners to promote the project. It will also speed up and improve the efficiency of the urban management of Madrid Nuevo Norte. In fact, as explained by the City Council, “the proposal to include this land in a single area of action, contained in a closed and continuous space, is more practical functionally and in terms of time because it speeds up the acquisition of the land, facilitates urban management and simplifies the preparation and processing of the necessary documents and the execution of the urban development, guaranteeing unified management and coordination of the development”.
Madrid Nuevo Norte was approved by the Madrid City Council in May 2020 and completed the planning phase with the final approval by the Region of Madrid in July of the same year. Europe’s largest urban regeneration project is now in the urban management phase. The next step will be to sign the Framework Agreement between the administrations involved and DCN, an agreement that will regulate the relationship between the parties to execute the project.