This entity, which includes owners of 85% of the property in the area, and will start working on the execution initiative for the Central Business District as a step prior to the creation of the Board of Owners.
This is the first area of Madrid Nuevo Norte to reach this milestone in the urban management phase, before the construction work begins.
The next urban area to take this step will be Malmea-San Roque-Tres Olivos, in Fuencarral, which has received initial approval to be combined into a single execution unit.
The majority of landowners in the urban of the Chamartín Central Business District (APE 05.31) where the future business district of Madrid Nuevo Norte will be built, have joined together as a Management Committee in order to begin working on the execution initiative of the planning, which will make allow the urban development of the area to commence as soon as possible. Over the coming months, this group of owners will draft the terms and conditions and by-laws of the future Board of Owners of the Central Business District, a collaborating urban development entity that will be in charge of preparing the reparcelling project and managing and financing the urban development works.
The short-term objectives of the Management Committee also include drafting the APE 05.31 urban development project, a document that will define the execution of the works of Madrid’s future financial district and that subsequently need to be approved by the City Council. The urban development project and the terms and conditions and by-laws of the Board of Owners are documents required to submit the execution initiative of the planning of the Chamartín Central Business District urban development area, and thus be able to form the Board of Owners, as indicated in article 106 of the Land Act of the Region of Madrid. The Management Committee has been formed, including owners of 85% of the property in the area, and is open to new incorporations. The group was formed by Distrito Castellana Norte (DCN);EMT; the Railway Entities (Adif, Adif Alta Velocidad, Renfe Fabricación y Mantenimiento and Renfe Operadora); SarebAliseda; Activos en Renta Mobiliarios y de Edificación, S.L.S.L.; and the Calle brothers.
This marks the first time in the 28-year history of this project, since the renovation and integration of the land of the Chamartín railway into the city was first planned, that this milestone has been reached, which means the start of the urban management phase. The formalisation of this Management Committee represents a very important step for Madrid Nuevo Norte; from now on, the project will be promoted jointly with the rest of the owners.
Following the Chamartín Central Business District, the first of the four urban areas of Madrid Nuevo Norte to take this step, Malmea-San Roque-Tres Olivos (APE 08.20) is expected to be the second area to form a Management Committee. The Madrid City Council has just given initial approval to combine this area into a single execution unit, at the request of the majority of its property owners.
An iconic district, key to Madrid’s future
The Chamartín Central Business District (APE 05.31), with a an area of 793,878 square metres, has 1.3 million square metres of buildable area, with offices (987,000 m2b), shops (53,000 m2b) and housing (260,000 m2b), with 20% of this residential buildable area allocated for subsidised housing. In addition, 10% of the land use will be transferred by the owners, free of charges, to the Madrid City Council, which will allocate it entirely for public housing policies.
Madrid Nuevo Norte’s new Central Business District has the potential to make Madrid the main business district in Southern Europe and one of the most attractive destinations for companies from all over the world, giving the city unprecedented international visibility. This major centre of economic attraction is expected to have commercial, business, cultural and tourist activity, and will prioritise the knowledge economy, attracting the best international talent to Madrid.
A construction cost of 719 million euros
The total cost of the urban development works that will be paid for by the owners of the Chamartín Central Business District area is 719 million euros, as reflected in the specific modification of the General Urban Planning Plan of Madrid, which received final approval in July 2020.
This includes the cost of ordinary urban development works (paving and urban services corresponding to the area), as well as other important actions such as the common infrastructure with other areas of the project or the covering the Chamartín track yard. This is an engineering project of the highest magnitude and one of the largest covers ever built over railway tracks in the world, which will support the large Central Park of Madrid Nuevo Norte. This public space will become a new icon for the capital and will be the best example of urban regeneration.
Another important action to be undertaken in this area will be the creation of an underground level on calle Agustín de Foxá. This infrastructure will relieve the surface roads of much of the vehicle traffic – regional buses, loading and unloading and access to car parks – leaving the street level for low-speed traffic, city buses, bicycles and pedestrians. The underground level will provide access to a new transport interchange, whose civil works will also to be carried out by APE 05.31.