15 July 2019 – Richard D. K. Turner
The mayor of Madrid, José Luis Martínez-Almeida, expects that the City Council will approve Madrid Nuevo Norte, also known as Operation Chamartín, in September. Operation Chamartín is a development north of the city of Madrid, near the Chamartín train station, that licensing issues have kept in limbo since 1993.
BBVA owns 75% of DCN, the development’s main protagonist, while the rest belongs to Grupo San José. The firm controls the rights to a large part of the land, which, in reality, is still owned by Adif, the state-owned railway company. Thus, DCN will pay Adif more than €1.2 billion euros over 20 years after the development receives approval.
The Madrid Nuevo Norte involves the construction of 10,500 homes and a new financial zone, in a potential investment of more than €13 billion.
Original Story: Idealista