Casa 47 has approved a financial contribution of €140 million for the development of the Nuevo Barrio Campamento residential area in Madrid, where 10,700 affordable homes are planned.
The Governing Council of Casa 47 formalised this financial allocation for the sector’s Compensation Board, an administrative body established in April in which the state-owned organisation holds 98% of the land. The funds will be used to cover the costs of urban planning, the execution of phases 1 and 2 of the development works, the necessary external connections and general management expenses.
At the same time, demolition work is continuing on non-listed buildings within the residential area. The final urban development plan is currently being processed, pending formal approval by Madrid City Council.
The publicly-owned urban regeneration project covers a total area of over 211 hectares on the site of former military installations. The land-use plan stipulates that residential buildings will occupy 25% of the available area, while the remaining 75% will be reserved for public uses. This plan includes 365,000 sqm of green spaces and 442,000 sqm earmarked for public facilities and services.
