Approval of the Malmea-San Roque-Tres Olivos Urban Development Initiative

• After Las Tablas Oeste, this is the second of the four areas into which Madrid Nuevo Norte is divided to reach this milestone.

On 27 May, the plenary session of Madrid City Council approved the Urban Development Initiative of specific planning area APE 08.20 Malmea-San Roque-Tres Olivos, which is an important milestone for the Madrid Nuevo Norte urban regeneration project. This forms part of the execution phase of this urban development area, which is the second of the four of which the project comprises, following Las Tablas Oeste.

Once the City Council has approved the initiative, the terms and bylaws of the future Owners’ Association and the development project for the area will formally begin to be processed, and their final approval will enable the development works to start.

The Malmea-San Roque-Tres Olivos area, with a surface area of 1,029,647 m², has a total buildable area of 965,321 m², of which 714,338 m² will be for residential purposes. This will allow the construction of approximately 7,140 homes, 27% (1,965) of which will be publicly owned, to be used for Madrid City Council’s housing affordability policies.

Of the remaining buildable area, 214,864 m² will be allocated for tertiary office use and 36,119 m² for commercial purposes.