Distrito Castellana Norte (DCN) will sign the agreement with the Madrid City Council, the Community of Madrid and Adif in the coming weeks to start the Madrid Nuevo Norte project, according to Cinco Días.
The agreement will serve to authorise DCN’s purchase of the land from Adif for 1.245 billion euros. However, the signing will be delayed until Isabel Diaz Ayuso takes office after being elected in the 4 May elections. This is expected to happen in late June or early July.
The new development will cover a total area of almost 3.3 million square metres, of which only 2.35 million will be buildable.
Distrito Castellana Norte will pay Adif €984 million, plus €261 million in interest, over the next 20 years. The first payment will be €216 million, which the Ministry of Transport, Mobility and Urban Agenda will use to refurbish Chamartín Station.
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