Madrid’s skyline is set for a dramatic transformation with the launch of the Madrid Nuevo Norte project, a €25 billion redevelopment plan that promises to redefine the city’s northern district into a cutting-edge business and residential center. The project, described as one of Europe’s largest urban regeneration efforts, is expected to boost economic growth, sustainability, and connectivity.
This week, Crea Madrid Nuevo Norte (Crea MNN), controlled by BBVA, finalized a deal to purchase key parcels of land from Spain’s Adif for €1.245 billion, marking a major milestone after 30 years of planning and delays. Initial payments of €210 million have already been made, with the remaining amount to be paid over 20 years.
Originally conceived in 1993 under then-Minister Josep Borrell, the Chamartín redevelopment faced numerous hurdles, including political shifts, economic downturns, and planning disputes. It wasn’t until 2019, following negotiations led by Madrid’s former mayor Manuela Carmena, that a final blueprint gained unanimous political backing, setting the stage for construction.
Investment Breakdown:
- €1.8 billion in public funding.
- €9.3 billion in private investment, led by Crea MNN.
- €14.1 billion through property sales.
The project’s economic impact is projected to contribute €15.2 billion to Spain’s GDP, creating 200,000 jobs during construction and an additional 150,000 permanent positions afterward.
Madrid Nuevo Norte spans 2.3 million square meters, covering a 5.6-kilometer stretch from Plaza de Castilla to the M-40 motorway. Inspired by global financial centers like La Défense in Paris and London’s Canary Wharf, the development will prioritize mixed-use spaces, blending residential, commercial, and green areas.
Key Highlights:
- Chamartín Business Centre will feature 30 office buildings and 8 skyscrapers, including one that will be 300 meters tall, the tallest in the European Union.
- Over 1.5 million square meters will be dedicated to office space, drawing global corporations and financial firms.
- The project integrates 10,500 homes, with 20% classified as affordable housing, offering a balance between business and residential spaces.
Emphasizing sustainability, Madrid Nuevo Norte will feature 400,000 square meters of green areas, including a 13-hectare central park designed by Dutch firm West 8 and Porras Guadiana Arquitectos. The neighborhood is set to receive LEED and BREEAM certifications, ensuring it meets stringent environmental standards.
Efforts to decarbonize the area will include net-zero CO2 emissions, promoting energy efficiency and renewable energy use. The green spaces aim to create a vibrant, livable urban environment that remains active beyond business hours.
Madrid Nuevo Norte will be supported by state-of-the-art infrastructure, enhancing transportation and accessibility:
- Expansion of Chamartín-Clara Campoamor station into a major high-speed rail hub.
- Construction of a new metro line, a regional transport interchange, and 13 kilometers of bike lanes.
- Bridges, tunnels, and pedestrian walkways to ensure smooth east-west connectivity.
The urbanization process begins in Las Tablas Oeste by 2026, with further phases rolling out in subsequent years. The financing agreement includes delivering 100,000 square meters of residential property to Adif for public housing, further addressing affordability concerns.
Madrid Nuevo Norte is more than an urban facelift; it represents a strategic shift toward economic diversification and sustainable growth. Developers highlight the project’s potential to attract talent and redefine Madrid’s financial landscape by blending innovation, business, and livability.
“This development isn’t just about offices,” stated Crea MNN, “it’s about creating a 24/7 urban environment with homes, shops, parks, and transport links—a vibrant district designed for the future.”
