• They will begin by developing five housing projects that will be available for the first families to move into by the end of 2023.
• The entire project, which involves an investment of 200 million for 1,763 housing units spread across 12 lots, will be carried out using industrialized construction methods and is scheduled for completion in the third quarter of 2024.

May 3, 2022 – Culmia and Grupo Avintia, through ávita, their industrialized construction company, have announced the start of construction on the first homes under Madrid’s Plan VIVE, for which they were awarded the contract last year and which, as a whole, comprises a package of 1.763 homes spread across 12 plots located in the municipalities of Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe.

Once the Community of Madrid has confirmed that the preliminary projects meet all the requirements set forth in the initial specifications, and pending the imminent issuance of the first building permits, construction is expected to begin in June on the first five developments, comprising 783 new homes out of a total of 1,763 in the entire allocated package. Based on this timeline, the first families will be able to move into these homes by the end of 2023.

The Plan VIVE project being developed by Culmia —which involves an investment of just over 200 million euros—will be carried out by ávita, an industrialized construction company within the Avintia Group , using a model that reduces delivery times by up to 30% and addresses sustainability throughout the buildings’ entire life cycle. Both companies aim to complete construction of all the homes by the third quarter of 2024.

Sogeviso, one of the leading rental management firms in the real estate sector specializing in the socially responsible and economically sustainable management of real estate portfolios, will be responsible for the ongoing management of these homes. According to Francisco Pérez, CEO of Culmia, “the excellent work of the professionals involved in this affordable housing project is allowing us to meet the initially established deadlines, furthering one of our strategic priorities under which we intend to bid on approximately 4,000 housing units in the 2022 public tenders.”

According to Antonio Martín Jiménez, president of Grupo Avintia, “The confidence that a major company like Culmia and the government have placed in Avita to carry out this first major project using industrialized construction in our country highlights that the solution to many of the sector’s current challenges lies in innovation and industrialization.”

The first phase of the Community of Madrid’s VIVE Plan calls for the construction and subsequent development of more than 6,600 affordable rental housing units throughout the region. Overall, the project aims to create 25,000 new housing units in the Community of Madrid over the next eight years. With an investment of 700 million euros, the plan aims to facilitate access to housing for priority groups, such as young people under 35, those over 65, people with disabilities, and women who are victims of gender-based violence.