Culmia invests 143 million euros in the largest residential project between Villaviciosa de Odón and Alcorcón

16 of June of 2021

• The developer plans to start marketing its homes at the end of the year in the 'Retamar de la Huerta' area, one of the most important urban development projects in the Community of Madrid, which arises from the consolidation of all vacant land between Villaviciosa and the M-50.

• Culmia has some 59,000 m² of residential buildable area for the development of 17 single-family and multi-family developments and is currently the majority private owner of the project with 21% of the total.

16 June 2021. Culmia, one of Spain's leading property developers, plans to start marketing the homes planned for Retamar de la Huerta by the end of the year. This is the largest residential development project in Alcorcón and one of the most important in the Community of Madrid, where the developer will undertake a total investment of 143 million euros between land, urbanisation and development. The project covers 114 hectares and arises from the consolidation of all the vacant land between the limits of the built-up areas of the municipality of Villaviciosa de Odón (Campodón Residential Complex) and the M-50.

Culmia, which has been leading the development since 2015 and holds the presidency of the Compensation Board, has 59,000 m² of residential buildable area for the development of 17 developments with 544 single-family and multi-family homes. The project totals 3,503 homes, with Culmia being the largest private owner with 21% of the total.

We are working together with the City Council to achieve final approval of the urban development project and the special infrastructure plans (East Access and South Access) with the intention of tendering, awarding and starting the urban development works by the last quarter of 2021, with the aim of bringing together the urban and residential development works by mid-late 2022. If all deadlines are met, the first homes are expected to be delivered in the last quarter of 2024.

Retamar de la Huerta is located in a high-end area surrounded by housing developments and other low-density residential areas. The land use zoning of the area has been based on three criteria: the exclusively residential development of the project, the structuring of commercial developments on a north-south axis through the main road and the connection of all the green areas and open spaces and facilities.

For Xavier Tapias, director of Urban Development at Culmia, "the good harmony that we have shown over so many years of work with the Alcorcón City Council and the rest of the owners of the area has allowed us to progressively complete stages with a general consensus. This is one of the most ambitious and promising projects in the Community of Madrid, which will undoubtedly continue to attract investment interest in the coming months."

Since 2013, Culmia has delivered more than 5,000 homes throughout Spain, and has a portfolio of 80 developments and 4,000 homes on the market, as well as land to develop 11,000 more homes.