27/11/2014 – Cinco Dias
Project on re-urbanization of the area where formerly stood an old brewery of Mahou and currently is found the Vicente Calderón stadium of the Atlético de Madrid football club, has been approved by the City Hall of Madrid.
Madrid’s Town Planning and Housing department head Mari Paz Gonzalez Garcia justified the plan fits in the strategy undertaken in 2009 to invest in nature-friendly residential projects and give dotations for land which used to be classified as industrial or residential. As she portayed, thanks to the design, Mahou’s (meaning private) 92.000 square meters and Atlético’s (public) 112.000 will be finally developed.
Moreover, the project assumes undergrounding of a part of the M-30 ring road and subsequent construction of two well-gardened boulevards stretching from the Puerta de Toledo monumental gate to park Madrid Rio.
In total, four blocks of apartments will be raised on the plot but they will occupy a mere 23% of the total area to be developed. New green zones will cover a 36.000 square meter area, and new industrial parkings will appear in there as well. Developers will bear the entire implementation cost, including 57% of the undergrounding expense.
Opposing voices say that the Public Administration has nothing to gain from the project and it puts shoulder to the wheel to facilitate ‘a barbarism’ to ‘private developers’, while it should focus on relocation of Atlético de Madrid to its new stadium in the Peineta area.
Original article: Cinco Días
Translation: AURA REE
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Source: AURA Real Estate Experts