Carmena Frees Up Valdebebas and Will Sell 145,000m2 of Commercial Land

2 February 2019

A little more than three months before the municipal elections, the Madrid City Council has opted to help real estate boost the development of Valdebebas. The Governing Board of the Madrid City Council has agreed to dismiss all appeals filed against the final approval of the Valdebebas Economic Redevelopment Project.

The decision would, in practice, give a green light to the Valdebebas Compensation Board to sell plots of land for a large commercial centre with 145,794 buildable square meters and 36,448.50 buildable square meters of offices. In November 2017, almost a year and a half ago, the Board was forced to revise its 2013 urbanisation and economic rezoning project to get the Madrid City Council to once again grant building permits, which had been stopped by the municipality after it accepted the ruling by the Court of Justice of Madrid invalidating the economic rezoning project.

In October 2014, the Madrid City Council finally approved the urbanisation and rezoning project for Valdebebas that reduced the commercial area from 114,000 to 56,000 square meters, to include the construction of a private school, about 900 subsidised homes and 100 market-priced homes. The plots for the homes and the private school sold, but the Compensation Board had to cancel the sales due to the Court of Justice of Madrid’s decision. Those affected then were the school Joyfe, Pryconsa, Premier and Valdecam. In addition, all the urbanisation works for the commercial area will have to be demolished, which will entail a cost for the original owners of the land of 1.5 million euros.

The development of the commercial area has been frozen until today, after the judicial resolutions that annulled the Special Plan approved by the Cibeles Plenary on October 30, 2014 and today’s decision also presupposes the resumption the routine concession of construction licenses in Valdebebas to conclude its development.

Original Story: El Confidencial

Translation: Richard Turner

55