City Hall of Madrid & Five Investors to Renovate Azca

4/12/2014 – Inmodiario

The Azca complex is closer and closer to being rehabilitated. Yesterday, the Mayoress of Madrid, Ana Botellla (pictured), signed a covenant giving the green light to the first phase of the project embracing the Carlos Trias Beltran square. Five companies settled on the square, Mapfre, El Corte Inglés, Metrovacesa, Astaez 2011 and España S. A. Compañia Nacional de Seguros are going to take part in this venture.

Interventions in this area, where two-thirds of land belongs to public administrations and one-third to private owners, will result in joining the inside part of Azca with its surroundings. To achieve that, all physical obstacles and elements creating loopholes, hinder the view or could create a feeling of insecurity will be removed. ‘Summing up, it will be converted into a friendly, open area permitting free flow of people’, said Mrs Botella.

Building works are bound to start in spring. Budget intended for the investment totals at €1.9 million. Of this amount, the City Hall is going to put 26% (€496.650) and the five participating firms, the remaining 74%.

According to the Mayoress, ‘the project is not only a great example of public-private cooperation, but also it will return the entertainment and cultural attractiveness to the downtown complex’.

Besides, Azca was recently declared the Special Noise Protection Area and sidewalks along the Paseo de la Castellana avenue from the intersection with the Raimundo Fernandez Villaverde street until the Lima square were remodelled.


Original story: Inmodiario

Translation: AURA REE