Vía Ágora has begun construction of its first homes in Los Cerros, situated in the Vicálvaro district, in the south-east of Madrid, where it plans to develop over 2,000 units spread across three phases, with a total investment of around €640 million. Thirty-four per cent of the planned development will be subject to some form of social housing provision.
The project gets underway with Iroko, a development of 155 one- to four-bedroom homes that marks the start of the first phase of the plan. The developer plans to launch two further residential developments to reach a total of 528 units and an investment of €155 million, with the aim of starting all three projects before the end of 2026.
The developments will utilise industrialised construction methods which, according to the company’s estimates, will shorten construction times by six months, reduce water consumption by 40% and cut waste generation by 30%. The development of the complex will also create around 1,300 jobs.
Situated between El Cañaveral and the municipalities of Coslada and San Fernando de Henares, Los Cerros covers 4.7 million sqm and has more than 1.8 million sqm of developable land. The project envisages the construction of more than 16,000 homes, of which 7,138 will be subject to some form of social housing scheme.
Work officially began on Tuesday with the laying of the foundation stone for Iroko, at a ceremony attended by Jorge Rodrigo, Regional Minister for Housing, Transport and Infrastructure of the Community of Madrid; José María García, Deputy Regional Minister for the same portfolio; and Juan Antonio Gómez-Pintado, Chairman of Corporación Vía Ágora.
Juan Antonio Gómez-Pintado linked the start of the development to the gradual transformation of the area into a new neighbourhood and pointed out that collaboration between public authorities and the private sector is necessary to speed up the supply of housing to the market.
