30 July 2019 – Richard D. K. Turner
The Madrid City Council has unanimously approved the Madrid Nuevo Norte project, also known as Operation Chamartín, after a twenty-five-year wait. The project must now gain final approval from the Community of Madrid government and weather lawsuits from community and environmental groups.
District Castellana Norte (DCN), which is 75% owned by BBVA together with Grupo San José (25%), is the developer in charge of the project. Though BBVA has publicly affirmed its commitment to see the project through, increased oversight by the ECB and a change in the bank’s leadership have fuelled speculation that BBVA will sell its participation of a single major investor.
Despite some changes to the urban development plan, Operation Chamartín will lead to the construction of 10,500 homes (20% with some kind of protection), a new financial district and the refurbishment of the Chamartín train station. In total, investors will plough roughly €6 billion into the project over about two decades. Construction is expected to commence in 2021.
Original Story: El Confidencial – Ruth Ugalde