Tag: Chamartín train station

Madrid Nuevo Norte will Generate €13.2bn of Business for the RE Sector

12 October 2018 – Eje Prime

Madrid Nuevo Norte represents good news for the Spanish real estate sector. The Town Hall led by Manuela Carmena expects the project, which received the green light at the end of September, to generate €13.2 billion of business for the real estate sector.

The urban development project, to the north of Chamartín train station, is going to house 10,485 new homes, as well as 1.5 million m2 of offices and another 103,119 m2 of commercial space. The acquisition of the plots will involve a total cost of €3.74 billion and the construction costs will exceed €2.78 billion.

The Town Hall of Madrid has confirmed that the tertiary assets will contribute the bulk of the income for the property developers that participate in the construction of Madrid Nuevo Norte. Together, the sales price of those properties will amount to €10.2 billion. In the case of the development of new homes, the business will amount to €2.98 billion, according to reports from Cinco Días.

The results of an economic study for the project show a range of returns of between 11.2% and 16.4%, although the Town Hall warns that the margin will depend heavily on factors such as the evolution of the real estate market and the acquisition price of the land. In terms of the latter, an orientative cost of €2,899.47/m2 is forecast for private housing located in the financial centre.

Following several adjustments, the total buildability of Madrid Nuevo Norte has decreased by 21%, down from 3.37 million m2 according to the initial plan to €2.66 million m2 under the current plan. In addition, the district has been divided into four areas: Chamartín station, the business centre, Fuencarral-San Roque-Tres Olivos and Fuencarral-Las Tablas. Each area will have its own construction timetable and urbanisation costs.

The project will have to be financed almost in its entirety by the landowners, who will disburse €1.2 billion on average. The Town Hall of Madrid is going to spend €307.89 million with the aim of covering the urbanisation costs, which will be added to €24.78 million from the Community of Madrid and €220.49 million from Adif, the concessionaire of the rights.

Original story: Eje Prime

Translation: Carmel Drake

A Public Consultation Period Opens for Newly Approved Operación Chamartín

20 September 2018 – El Mundo

On Thursday, the Governing Board of the Town Hall of Madrid approved the modification to the General Urban Development Plan to develop the Madrid Nuevo Norte project, previously known as Operación Chamartín, 25 years after the first attempts were made to get the project off the ground and after long negotiations between the Ministry of Development, the property developer Distrito Castellana Norte (DCN), the entity awarded land by Adif, and the Town Hall.

Now, a period of public consultation has opened ahead of a debate in the Plenary, likely before the end of the year, in a meeting that is expected to be tense for the Ahora Madrid group, whose vote will be split, given that six councillors – three from Ganemos and three from Izquierda Unida – have expressed their opposition to the project. In fact, yesterday, Mauricio Valencia, the third deputy mayor, opposed the development at the meeting of the Governing Body after his party, Izquierda Unida asked Congress to suspend the new urban plans, which will completely change the northern face of the Spanish capital.

After it is approved in the Plenary, the plan will be sent to the Community of Madrid for its definitive approval, a mere formality, given that the Government of Ángel Garrido has already announced that it will give its approval provided all of the administrative requirements are fulfilled.

The councillor for Sustainable Urban Development, José Manuel Calvo, yesterday welcomed the fact that the project is going to be approved with “the support of the four groups” from the municipal body and with a different party leading each of the three administrations (…).

The new project has reduced the total permitted buildability of the project approved by the Town Hall of Ana Botella from 3,370,000 m2 in 2015 to 2,657,313 m2, which represents a decrease of 713,631 m2 (or 21%) (…).

In total, 10,500 new homes are planned, of which around 4,000 will be for social housing, owned by the Town Hall, within the 36% of land that corresponds to it according to the plans (…).

The councillor (for Sustainable Development) highlighted that one of the fundamental aspects of the operation will be the renovation of Chamartín train station, which “we want to turn into one of the best railway stations in Europe” (…).

The project, which is divided into four operating areas: Chamartín station, the Business Centre, Malmea-San Roque-Tres Olivos and Las Tablas Oeste, includes 390,700 m2 of green space, 252,094 m2 of facilities and 848,617 m2 for transportation. It will also have office space spanning 1 million m2 and the tallest tower in Spain, with 70 storeys.

The President of DCN, Antonio Béjar, said yesterday that he was “satisfied” with the approval of the plan, which in his opinion “proves that the regeneration of the north of Madrid is now a reality and that there is no turning back”, reports Efe. Meanwhile, Ecologists in Action and residents grouped into the FRAVM and North Zone Platform criticised the operation again for benefitting private interests and not those of citizens.

Original story: El Mundo (by Roberto Bécares)

Translation: Carmel Drake

Operación Chamartín Receives the Green Light for 10,500 Homes

17 April 2018 – El País

The Ministry of Development, the Town Hall of Madrid and the property developer Distrito Castellana Norte have reached an agreement to give the green light to Operación Chamartín, the largest urban planning project in Madrid. After more than two decades of blockades, the new plan reduces the buildability of the previous projects, with the construction of 10,510 homes in the north of the capital, 6,500 fewer than initially planned, plus a large business centre and the remodelling of the train station.

The Minister for Development, Íñigo de la Serna (pictured above), confirmed on Tuesday, that his Ministry, the Town Hall of Madrid and the property developer Distrito Castellana Norte had finally reached an agreement to initiate the procedures for the modification of the General Urban Development Plan (PGOU) of the Madrid Nuevo Norte project, known as Operación Chamartín.

In this way, the largest urban development plan in Madrid has been unblocked (at least on paper) after 25 years of obstacles and litigation cases under different governments, both from the Central Executive as well as from the Town Hall of Madrid, although the building work will not start for several years.

The project is a modification of the agreement principle reached last July, but with significant changes, such as a 6% reduction in the buildability, down from 2.83 million m2 to 2.66 million m2. Compared to the size of the project when Ana Botella was leader of the Town Hall in 2015 (3.37 million m2), the decrease in buildability amounts to more than 26% (…).

Details

20% of the homes will be subsidised (2,100 homes), double the minimum established by law, and the Town Hall led by Manuela Carmena has already announced that it will allocate the cession of use that corresponds to it to social housing. Moreover, a business centre spanning 1 million m2 is going to be built and Chamartín train station will be renovated, with the permission of Adif, a subsidiary of the Ministry of Development.

De la Serna explained that the documentation to begin the processing of the project was registered on Monday with a document that seeks to give the green light to this urban transformation, which means that in July, the initial approval will be received and the process will be completed by the end of the year (…).

Original story: El País (by Ramón Muñoz)

Translation: Carmel Drake

Ibosa To Convert Hotel Foxá Into Luxury Homes

30 November 2016 – Cinco Días

The Hotel Foxá located next to Chamartín train station will soon disappear to be converted into a residential tower containing luxury homes, worth up to €1 million each. According to the property developer, the Ibosa Group, the design will adopt a “New York architecture” style.

The company, which manages housing cooperatives, will spend €30 million (including the purchase of the building) on the project to convert the former Hotel Foxá M-30 in Madrid – which has been closed since 2013 – into a 16-storey residential complex containing 72 homes, which are expected to be handed over to their owners during the final quarter of 2018.

70% of the homes in the tower, known as Torre Borealis, have already been sold and the demolition work is expected to begin next spring, once all of the properties have been sold. The construction work will involve the complete renovation of the building, including a total transformation of the façade, according to explanations provided by the Head of Ibosa.

In fact, the company expects to obtain the licence that it needs to undertake the work at the building within the next few weeks. The property previously housed a four star hotel for 13 years.

The price of the homes will range from €175,000 to €900,000, with each property containing between one and four bedrooms. Moreover, the constructed surface area will range between 40m2 and 200m2 per apartment. The building, located on Calle Serrano Galvache 14, will have a double height entrance hall and 1,000 m2 of common areas, including a “gastroteca”, a swimming pool and a gym. There will be several different types of apartments, including ground floor duplexes, (normal) duplexes and penthouses with terraces up to 120m2.

Hotel Foxá M-30 closed its doors after the company Trome, owned by the businessman Mariano Moreno Fernández, was declared bankrupt, with debt amounting to around €300 million. The company used to own several hotels and spas.

Original story: Cinco Días

Translation: Carmel Drake

Town Hall Of Madrid Shelves ‘Operación Chamartín’

26 May 2016 – Expansión

The Town Hall of Madrid shelved Operación Chamartín yesterday with votes in favour (of shelving it) from Ahora Madrid and PSOE. As such the project, inspired by the PP and promoted by Distrito Castellana Norte (DCN), which is owned by BBVA and the construction company San José, has been buried.

After denying the definitive approval of the Partial Plan to extend La Castellana at the Plenary meeting, the municipal executive announced her intention to invite the Ministry of Development, Adif, the Community of Madrid and DCN to work on “a definitive proposal and to start the development of the area as soon as possible, in line with the basis and strategy document from the municipal proposal, presented by the Town Hall on 10 May”.

The Government team led by Manuela Carmena also announced its intention to call a public debate immediately and even to hold an extraordinary Plenary meeting to present its alternative plan, which it described as “feasible, reasonable and sustainable”.

“Now, the general interest is placed on the business. With this project, the culture of shady urban planning is over. We hope that both the Community of Madrid and the Acting Ministry of Development abandon the deadlock situation regarding the development of the north of the city”, said Calvo.

The Town Planning Councillor said that the Town Hall will put all of the means available to “streamline to the maximum” the necessary processes and provide legal support to the planned actions, with the aim of commencing the improvement works at the North and Fuencarral Junctions in 2017 and remodelling the Chamartín train station at the beginning of 2018.

Meanwhile, sources at DCN said that approval for the project has been denied, but that “it is still on the table”.

The property developer considers that, if the political will exists, then the project may be resumed. “DCN continues to offer its plans to Madrid and to Madrid’s citizens”, added the same sources.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Work Begins At Pryconsa’s Luxury Housing Development In Madrid

14 December 2015 – El Mundo

The details of one of the most iconic, exclusive and eagerly-awaited residential projects in Madrid have finally been revealed: the development that Pryconsa is undertaking on the 15,000 m2 plot of land that previously housed RTVE’s Buñuel Studios and which the Madrilenian based property developer acquired in November last year for €35.27 million.

It is a prime location, at number 5 on Avenida de Burgos, next to Paseo de la Habana, the best area in the district of Chamartín, surrounded by parks and gardens and just a stone’s throw away from hot spots such as the Chamartín train station, Plaza de Castilla and the Cuatro Torres.

In tribute to the great Aragonese filmmaker, who has lent his name to the studios for decades, the project has been named, in part, after his home town: Calanda Homes. The property development will contain 89 three- to five-bedroom homes, and will measure between 163 m2 and 218 m2. It will include different types of properties, such as flats (all with large terraces), ground floor flats with gardens and penthouse apartments with terraces of between 117 m2 and 165 m2. The homes will be distributed across two four-storey buildings, 35 m apart and located within a huge urbanisation containing gardens, a (Munich style) swimming pool, padel court and gym, amongst other features.

The project will be developed in two phases. During the first phase, the marketing of which has just begun, prices will start at €808,000 and go up to €1.8 million. Work to demolish the old television studios began last Wednesday, and if construction proceeds according to plan, then the property developer will hand over the keys to the homes in the first phase in June 2018.

Sales success

“During the first few days, almost 50% of the first phase that we are currently marketing has been reserved”, said José León, CEO of the company. (…).

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake