Institutional agreement on Centro Canalejas Madrid
October 13, 2015
The City Council of Madrid, the Autonomous Community of Madrid, the Official Architects Association of Madrid and the Grupo Villar Mir have reached an agreement on the final volumetrics of Centro Canalejas Madrid, thus commencing a new stage in its execution.
Grupo Villar Mir will invest 500 million euros in Centro Canalejas Madrid. This project will contribute many benefits to the region and city of Madrid in terms of urban renovation and rehabilitation of vacant buildings, employment, activity and the repositioning of Madrid’s city center. The project will endow the center of Madrid with the necessary infrastructures -absent until now- such as an internationally renowned hotel (the Four Seasons), considered the most prestigious hotel chain in the world, a shopping gallery in line with the architectural value of the buildings, residential property linked to the hotel’s services, a parking lot and rearrangement of pedestrian and citizen areas.
Furthermore, Centro Canalejas Madrid will contribute to the urban revitalization of an emblematic area in Spain’s capital city and will promote international tourism, contributing to Madrid’s international prominence in terms of history, architecture, cuisine and cultural activities, in line with Europe’s other main capital cities.
In employment terms, the project will generate approximately 5,000 jobs linked to the operation of the various facilities planned. Of interest is the fact that Centro Canalejas Madrid has encouraged the hiring of many small and medium-size companies, to include the craftsmanship effort required to recover unique components in the project.
Acquisition of Centro Canalejas Madrid
Grupo Villar Mir and OHL Developments, through their subsidiary Centro Canalejas Madrid, purchased from Banco de Santander a set of seven unique buildings located between Alcalá street, Sevilla, Plaza de Canalejas and Carrera de San Jerónimo, in late 2012.
The unit referred to as Centro Canalejas Madrid is the outcome of a series of significant architectural activities, which were continuously executed since 1887 until practically the end of the XX century. It covers seven buildings: Alcalá 6, 8, 10, 12, 14, Plaza de Canalejas 1 and Carrera de San Jerónimo 7.
Included in this set of buildings, which have successively undergone huge changes, it is important to mention the Alcalá 14 and Plaza de Canalejas 1 buildings because of their outstanding quality and uniqueness. Since 2003, the buildings have practically fallen into disuse.
Centro Canalejas Madrid. Spain.