20 July 2019 – Richard D. K. Turner
Azora has entered a partnership with CBRE Global Investment to acquire two plots of land from the Atlético de Madrid football club for approximately 100 million euros. The two firms plan to build a 340-home development on the site in Mahou Calderón.
The area formerly housed the Vicente Calderón stadium and a brewery. In 2008, both companies reached an agreement with the Madrid City Council to transform the area into a new 2,000-home residential development. A decade later, and after a series of changes, Atlético de Madrid sold two of the three plots it owns, where plans exist for a total of 129,000 square meters of residences, 79,900 m2 of parks and gardens and 12,800 m2 of facilities and public spaces.
Azora and CBBRE will now develop two residential complexes with a total of 340 homes, involving an additional investment of 11 million euros in basic infrastructure costs. Gestilar will act as project manager and marketing agent.
Original Story: Expansión – Rocío Ruiz