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Madrid’s Town Hall to Approve the Mahou-Calderón Project

18 July 2018 – Eje Prime

The Mahou-Calderón project is pushing ahead. Tomorrow (Thursday), the Town Hall of Madrid is going to approve the urban development plan for the land, one of the most sought-after plots in the Spanish capital. The roadmap for the site, which is still home to the Vicente Calderón stadium, the historical home of Atlético de Madrid, means that the construction work will begin after the summer and will be scheduled for completion within three years.

After the summer, Atlético de Madrid and Mahou, the owners of the batch of land, hope that the period of public consultation will be completed so that they can start to demolish the stadium, according to El Confidencial.

The building work will be divided into three phases, starting with the demolition of the Calderón. Next, and after modifying the traffic flow that passes under the pitch, the roads between Paseo de los Pontones, Paseo Imperial and Paseo de los Melancólicos are going to be urbanised.

The first phase of the project is also going to be the most expensive, with an investment of €22.7 million, half of the total budget established (€42.2 million) for this ambitious urban development plan. The Government of Madrid is going to contribute another €60 million to cover over the road.

The finalists: Solvia, Ibosa and Princeton 

Waiting to see what happens tomorrow in the Town Hall are Solvia, Ibosa and Princeton, the three finalist investors looking to buy the plots, which will expand Madrid’s residential stock by another 33,339 m2 of buildable land, located on a plot with a buildable surface area of 132,344 m2.

The objective of Atlético de Madrid with this project is to raise up to €200 million from the sale operation. The club is planning to use that extraordinary capital to repay Carlos Slim the €160 million loan that he granted the sporting entity to complete the building work on its current stadium, the Wanda Metropolitano.

Original story: Eje Prime 

Translation: Carmel Drake