The Community of Madrid Approves Villar Mir´s Project For the Canalejas Square

The Community of Madrid gave the green light to a project that targets at its heart revival, by development, adding to the value of vacant historic buildings and creation of over 5.000 work places at various stages of construction and exploitation.

According to the data from the regional Government, “the project will allow building an underground infrastructure for buses, therefore the bus stops on the streets will be eliminated. Moreover, it is supposed to raise development potential from 1.000 m2 up to 47.330 m2. Out of the surface scope, the maximum of 8.000 square meters will be intended for residential use and the minimum of 39.330 square meters for tertiary use. The “vast commercial space” may not overcome 15.000 square meters.”

Maximum height will be set by the 12 Alcala Street: a 40 meters´ tall building. Also, construction of a 4-store, 18-meter deep and 450-parking space garage covering around 15.000 m2 is included in the project. For all this, the Governing Council has approved an occasional amendment of the General Town Planning Plan for Madrid in the Sevilla-Canalejas area.

The amendment makes the aggregation of six subsidized buildings composing a closed block (at 6, 8, 10, 12 and 14 Alcala Street and at number 1 of the Canalejas Square) possible, in order to create a single complex of commercial, recreative, accommodation, office and garage use. Together with the investment, the local Government pursues at an increase in economic activity within the area and adding to the historical buildings´value. (…).

The investment will consume about €500 million. Also, it will encourage creation of 600 direct jobs and 1.200 indirect ones on the construction stage, and 1.000 direct (400 in the hotel, 600 in the shopping center) and other 2.000 indirect (800 in the hotel, 1.200 in the shopping center) work places during the exploitation stage, that is from 2016 onwards. (…).

Original article: Cinco Días
Translation: AURA REE

Original Story:

Translation/Summary: aura