The Governing Board of Madrid City Council has given its initial approval to a specific amendment to the General Urban Development Plan (PGOU) that will enable the development of the Madrid Innovation District in Valdebebas, a technology innovation campus expected to attract over €2 billion in private investment and create around 23,800 jobs when it reaches full capacity.
The site covers 85 hectares of currently undeveloped land, situated next to the Real Madrid City, and is being developed on land owned by the club. The project envisages the creation of a district focused on innovation, research and knowledge transfer, with spaces designated for technology companies, universities, research centres, laboratories and activities linked to the knowledge economy.
The development plan provides for a total buildable area of 532,550 sqm for tertiary uses related to innovation and training, while also incorporating significant transfers of land to the City Council. Specifically, more than 200,000 sqm will become municipal property, of which around 166,000 sqm will be used to extend the Bosque Metropolitano by creating a linear park alongside the Arroyo de la Plata, while a further 35,000 sqm will house public facilities also geared towards innovation and technology.
According to the City Council, the project will have a significant economic impact both during its construction and in its operational phase. The socio-economic impact report drawn up for the project estimates an investment of over €2 billion, an annual contribution to the GDP of the Community of Madrid of €1,213 million once the district is fully developed, and the creation of approximately 23,800 jobs.
The initiative forms part of the municipal strategy to consolidate Madrid as a European hub for innovation and attract investment in high value-added sectors, capitalising on the availability of a large urban area with the capacity to host knowledge-intensive business activities.
The approval granted by the Governing Board marks the first step in the town planning process. From now on, the amendment to the plan will be subject to the relevant public consultation and comments period before the process continues towards final approval.
This initiative complements other strategic developments planned for the north of the capital and reinforces Valdebebas’s role as one of Madrid’s main centres of urban and economic growth in the coming years.
