Metrovacesa Reverses Plans to Build Homes at Clesa

17 December 2019 – Metrovacesa is looking to obtain the necessary final approvals from the Madrid City Council in January 2020 and that of the regional government in the middle of that same year. The firm stated that it is not considering building homes. Instead, it is studying a public-private collaboration to renovate the former Clesa factory, which Metrovacesa has ceded to the city.

The developer is continuing to plan on building a large mixed-use project on much of land, which is nearby Operation Chamartín. Metrovacesa will allocate 50% of the land for new offices while dividing the rest into other businesses such as retail, student residences and hotels.

The land in concern has 38,000 m2, excluding the 8,000 m2 Metrovacesa has ceded to the Madrid City Council. In total, there is a buildable area of ​​90,000 m2 and the firm will invest 260 million euros.

Original Story: Idealista – Carlos Lospitao

Adaptation/Translation: Richard D. K. Turner