• Culmia has been awarded the sole lot under the CAM’s VIVE II Plan, which includes 1,137 housing units divided among 5 plots located in the municipalities of Boadilla del Monte, Pinto, and Colmenar Viejo. It has also been awarded lots 1 and 5 of the Madrid City Council’s Affordable Rental Housing Plan, which consist of 867 housing units located in the districts of Hortaleza, Usera, Arganzuela, Fuencarral–El Pardo, Carabanchel, San Blas, and Villaverde.
• The company plans to invest a total of 515 million in all of its awarded affordable housing projects.
• Construction on the first homes is expected to begin in the first quarter of 2024, with the first homes to be delivered to families starting in the second quarter of 2025.
• Culmia was already awarded a contract in the first phase of the VIVE Plan for a development of 1,763 homes, which are already under construction.

March 21, 2023 – Culmia, Spain’s leading residential real estate project management platform, has been awarded two lots under the Madrid City Council’s Affordable Rental Housing Plan and the sole lot under the Community of Madrid’s Plan VIVE II.

As for the Madrid City Council’s Affordable Rental Housing Plan, Culmia has been awarded lots 1 and 5 and will therefore develop 867 housing units located in the Madrid 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 units are situated in strategic locations within these neighborhoods on plots that are already ready for construction.

For its part, the single project under the CAM’s VIVE II Plan calls for the construction of 1,137 housing units located in the municipalities of Boadilla del Monte (524 units), Pinto (422 units), and Colmenar Viejo (191 units).

All homes will stand out for their high-quality construction and energy efficiency, as well as for their range of communal areas, which will include spaces suitable for recreation and exercise, as well as other activities such as remote work.

It is worth noting that the homes under the VIVE II Plan will stand out above all for their high level of efficiency and sustainability, having received the highest energy efficiency rating and BREEAM “Very Good” or “Excellent” sustainability certification.

The construction of this project is characterized by its industrialized approach, a model already used in the homes being built as part of the first phase of Culmia’s Plan VIVE, which offers advantages in several aspects of the process: it will reduce completion times by up to 30% and cut construction waste by 60%, thereby lowering CO2 emissions, resulting in more energy-efficient homes, and helping to prevent workplace accidents on construction sites.

This second phase of the CAM’s VIVE Plan will once again feature Ávita— Avintia’s comprehensive industrialized construction system—as the general contractor, and Sogeviso, one of the leading servicers specializing in the socially responsible and economically sustainable management of real estate portfolios, as the property manager.

With regard to the Madrid City Council’s Affordable Rental Housing Plan, Culmia will use the most advanced methods in its construction, employing BIM design processes in a collaborative environment and industrialized construction on those lots where conditions permit. For this project, the developer will partner with Cevasa, a company founded in 1968 and a pioneer in the development and management of publicly subsidized rental housing.

Construction on these projects is expected to begin in the first quarter of 2024, and the homes are expected to be handed over to families starting in the second quarter of 2025.

For all of the affordable housing projects it has been awarded, the company expects to invest a total of 515 million euros.

For Francisco Pérez, CEO of Culmia, “being awarded the second phase of the Community of Madrid’s VIVE Plan and two lots under the Madrid City Council’s Affordable Rental Housing Plan represents, for Culmia, the consolidation of our affordable rental housing business line. We are very proud to continue contributing, from our position, to part of the solution to the challenge of housing access—now, moreover, in one of the Spanish cities where it is most difficult to find a place to rent.”

Track Record in Affordable Housing

Culmia had already been awarded a lot under the first phase of the Community of Madrid’s Plan VIVE, which called for the construction and subsequent development of more than 6,600 affordable rental housing units throughout the region. Specifically, 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 were awarded to Culmia and are already under construction.