• The development is located in Valdebebas, one of the most sought-after neighborhoods in the capital.
• There are 215 one-, two-, and three-bedroom units, with underground parking, storage units, a swimming pool, a gym, and a community room.

Culmia, the real estate platform that brings together all the housing solutions available on the market, is breaking ground on its first project under the Madrid City Council’s affordable housing plan.

This is a development of 215 homes located in the Valdebebas neighborhood, in the northeast of Madrid, offering 1-, 2-, and 3-bedroom units, along with parking and storage units in the basement. The complex also features a swimming pool, a gym, and a common room for residents’ use.

For Francisco Pérez, CEO of Culmia “We’re especially excited to break ground on a new affordable housing project because it allows us to see how these types of projects—which stem from a desire to collaborate in solving the problem of access to housing—are moving forward.”

This development is part of Lot 1 of the City Council’s tender, under which Culmia will also develop a project in Usera comprising a total of 437 housing units.
Culmia was also awarded Lot 5, meaning it will develop a total of 871 housing units located in the neighborhoods of Valdebebas (Hortaleza), San Fermín (Usera), Atocha (Arganzuela), Peñagrande (Fuencarral–El Pardo), San Isidro (Carabanchel), Rejas (San Blas), and Los Ángeles (Villaverde). All of these homes are situated at strategic locations within these neighborhoods on plots of land that are already ready for construction.

The project is being spearheaded by the City Council through the Department of Urban Development. Its goal is to bring approximately 2,200 affordable rental housing units to the market on 25 plots located in 11 districts of the city of Madrid, through the transfer of land under a 45-year surface rights agreement.

Track Record in Affordable Housing

Culmia has already been awarded a lot under the first phase of the Community of Madrid’s Plan VIVE, which involves the construction and subsequent operation of housing units throughout the region under an affordable rental program. Specifically, Culmia is building 1,763 housing units spread across 12 plots located in the municipalities of Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe.

It was also awarded the sole lot under the CAM’s Plan VIVE II, which involves developing 1,137 housing units divided among 5 plots located in the municipalities of Boadilla del Monte, Pinto, and Colmenar Viejo.
In total, the company will build nearly 3,800 affordable housing units for the Madrid City Council and the Community of Madrid, representing a total investment of 515 million.

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