First Steps of New Housing Development at Plaza de Castilla in Madrid

New residential project is taking its first steps in Madrid. Allegra Holding and ACR Grupo have acquired a plot from Sareb intended for 120 free-market housing promotions. The parcel is located adjacently to the known Plaza de Castilla Square in the north of the capital, precisely at the corner of the Emilia and the Sorolla Streets, in Ventilla area nearby the Avenida de Asturias Avenue.

The plot covers 3.328 square meters and has got a residential potential of 10.466 m2.

ACR is responsible for overall management and construction. The project is under design process right now and it will include 120 one-, two- and three-bedroom flats. Each of them will have its own garage space and a storage room. Moreover, the complex will offer attractive, large common rooms.

The developers predict to begin commercialization in the first quarter of 2014, and then begin the building works in the fourth quarter.

Allegra Holding adds to the project in about 65% and ACR Grupo in the remaining 35%. Allegra Holding, apart from investments in the New York, London, Berlin, Colombia and Brazil, has bought several properties on the Spanish market, like the premises of Hewlett Packard in Madrid. (…).

If it comes to ACR Grupo, the company is already developing around 800 dwellings and constructing another 1.200 units in Spain and Colombia. (…).

Original article: El Mundo
Translation: AURA REE

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