Proposed 25 years ago and never initiated, the "Chamartín Operation" has recently reached a framework agreement between the Madrid City Council, Adif/Ministry of Development, and the Distrito Chamartín Norte (DCN) consortium, which brings together the private stakeholders involved: BBVA and Constructora San José.
As is typical in such cases, the agreement strikes a middle ground between the maximum demand represented by DCN (3.37 million square meters of lucrative buildable floor area, including a total of 18,748 housing units, 90.54% of which would be market-rate) and the minimum proposal presented less than a year ago by the Madrid City Council (1.75 million square meters of buildable floor area, with 4,587 housing units, 20% of which would be subsidized).
