Smarttia / Real Estate / Insights

Smarttia is one of the main developers of the largest urban regeneration project in Europe today, Madrid Nuevo Norte

March 25th, 2020 / Real Estate

The Governing Council of the Community of Madrid approved Madrid Nuevo Norte development (MNN) today, the largest urban regeneration project in Europe today. MNN will contribute to making the region, and especially the Spanish capital, a benchmark for XXI Century urbanism upholding the latest trends in mobility, energy efficiency and environmental sustainability. The Regional Governing Council has studied the favorable report issued unanimously last week by the Urban Planning Commission. This is a great opportunity for the Community of Madrid to continue spearheading the economic development of Spain and to help improve the quality of life of the people of Madrid.

After 20 years, this project finally sees the light and in the current coronavirus (COVID-19) context, the regional government wants MNN to reawaken the hope and spirits of the people of Madrid and is convinced that it will be an example of how notwithstanding the difficult circumstances it manages to maintains its commitments. In fact, this project will once again place the Community of Madrid as the economic engine of the nation and as a place where national and foreign entrepreneurs and investors will be able to develop their future plans.

It is an urban development operation that will affect 3,356,196 m2 of land, which is equivalent to 460 football stadiums. Thus, it will form a socially and economically sustainable city, integrating the sorrounding neighborhoods in the north of the capital in harmony with the rural environment, while regenerating disused land and infrastructure to put them in the service of the city, reducing the impact on the territory.

Madrid Nuevo Norte will mean 250,000 new jobs over the next few years: up to 130,000 direct jobs and another 120,000 indirect jobs derived from complementary activities that are generated around the project that will also mean economic growth that will lead to the attraction of talent and innovation.

It will become a large state-of-the-art business center around Chamartín Station, which will allow Madrid to compete with other large European regions and capitals when it comes to attracting large companies and international institutions. It will be key to placing our region among the most innovative and attractive in Europe, since Madrid Nuevo Norte will provide it with the typology of offices and spaces that the main corporations demand.

This business center will facilitate the entry of foreign investment, which will boost the local, regional and national economy. In fact, the Public Administrations will receive approximately 3,793 million tax euros throughout the development of the project, according to Public Authorities data (559 million euros for the Community of Madrid; 1,718 million euros for the General Administration of the State and 1,516 million euros for the City of Madrid).

Madrid Nuevo Norte foresees the construction of 10,500 homes that will cover the residential needs of the northern area of Madrid, 20% of public protection, and civic spaces and public facilities will be created connected to the means of public transport that have been projected.

In this sense, public transport structures urban design from the beginning, starting from the potential of the Chamartín station. In fact, 80% of journeys will be made by sustainable means of transport, as well as on foot or by bicycle. An accessible transport network will be projected, articulated by new interconnection stations – Chamartín and La Paz, which will complete the current one in Plaza de Castilla- and the hub of the Chamartín Station that, in addition, will promote intermodality and connection with other municipalities of the Community of Madrid.

It also highlights the creation of three new Metro stations, a new Proximity Railway Station in the south of Fuencarral and the renovation of the existing one in the north, as well as the implementation of a new Priority Bus System, a high capacity system with traffic light priority and reserved platform that maximizes service speed,  reduces times and will connect with the urban bus network.

With regards to other infrastructures, the reconfiguration of the Norther Knot and the Fuencarral Knot stands out; the construction of five bridges, a footbridge and a tunnel to close the gap caused by the train tracks; the renovation of more than 13 km of the main Isabel II Canals; as well as the large slab that will cover the beam of Chamartín tracks from Mateo Inurria street to the M-30.

This great engineering work, on which an iconic park will be installed, will allow to return to the city a public space of the highest quality for the enjoyment of citizens, where today there is a void occupied by train track that splits the city in two. In addition, it will serve as a connection between both sides of the Chamartín district, isolated from each other for decades.

Madrid Nuevo Norte is also the opportunity to demonstrate, once again, that the Community of Madrid is a leader in sustainable development, being the economic engine of Spain, since it is the region that contributes the most to the national GDP and being, at the same time, at the forefront in environmental protection.

The environmental strategy of the regional government has an objective that goes through promoting an economic development capable of making compatible the efficient use of natural resources and the care of the environment with the creation of wealth and employment. In this line, Madrid Nuevo Norte has also been projected, which, in its commitment to environmental values, will project 400,000 square meters of new green areas that will structure the urban fabric.

In addition, a Central Park will be projected where the coverage of about 210,000 square meters of the railway beam in Chamartín will be undertaken, to implement green areas; a green linear corridor will be created that will connect the Central Park with the parks of the north of the region. In this corridor the existing cultural heritage is integrated, also creating areas for leisure, rest and coexistence.

Finally, more than 13 kilometers of bike lane will be created that includes the union with the neighboring neighborhoods, the Green Cycling Ring, as well as the connection of this with the Colmenar Lane.