Madrid mayor José Luis Martínez-Almeida has presented a project to transform the AZCA financial hub in Tetuán district with a large central park, over 1,000 trees, and a waterway. The works, costing 89.3 million euros with public-private funding, will start in the first half of 2027.
Madrid mayor José Luis Martínez-Almeida presented the Nuevo Azca project on Wednesday to revitalize the 132,895 square meter financial heart in Tetuán district, planned for 10 years. It covers 82,755 m² of public land and 50,140 m² private. The city will contribute 55.6 million euros, private firms 33.7 million, distributed by public-private space ratio, as the mayor explained. Twelve companies are involved: Pontegadea, El Corte Inglés, MERLIN Properties, GMP, Hermes, Mapfre, Mutua Madrileña, Leading Hospitality, Alba Patrimonio Inmobiliario, Monthisa, Cajamar, and Renazca, plus the Spanish Patent and Trademark Office and neighborhood groups COMUNAZCA and PROAZCA without direct funding. Architects are Scofidio+Renfro (US) and b720 Fermín Vázquez Arquitectos (Spain), winners of Renazca's 2020 contest. A 2022 proposal was scrapped in 2023 due to disagreements, including Pontegadea's opposition. Features include a central ring road with five pedestrian walkways at varying heights, some over the waterway, a 150-meter tiered auditorium-style seating, urban furniture, playground, two elevators, and sidewalk renewals on streets like Avenida del General Perón, Paseo de la Castellana, Joaquín Costa, and Orense. The 33 interior passages will get new lighting, signage, and openings for natural light and air. Security upgrades feature LED lighting and 91 cameras, up from 55. The area sees 50,000 workers, 2,000 residents, and 100,000 daily passersby. Post-works, public-private collaboration will handle maintenance, akin to the five towers on Castellana, per city hall: “Se articulará un mecanismo unitario y coordinado”.
