After the failed attempt to develop an International Conference Centre on the institutional land in the vicinity of the 4 Towers, the Madrid City Council announced a public bidding process for the leasehold of 52,500 m2 for institutional purposes and 17,500 m2 of retail space, in which Inmobiliaria Espacio was the winning bidder.
Therefore, construction will begin again on top of the garage and foundations existing from the previous project, and a tower will be built to complete the “Cuatro Torres Business Area” business park where there are currently 4 other buildings: Torre Cepsa, Torre PwC, Torre de Cristal and Torre Espacio.
Construction of a building in the shape of an upside-down “T”, which is to be a benchmark in technology, energy efficiency and details is planned.
This is one of the most attractive areas in a zone with an excellent outlook for the future near the Cuatro Torres Business Area, a strategic site with a large number of businesses in which more than 16,000 people work. Its superb connectivity with the rest of Madrid and other areas of Spain by highway (direct access to the M-30, M-40 and A-1), public transport (subway, commuter trains and city buses) and high-speed train (Chamartín and Atocha Stations), just 10 minutes away from Barajas Airport, must be highlighted.
The complex will occupy a plot of land measuring 33,325.56 m2 and the building will have a total area of 70,000 m2. Of this total, according to the specifications of the bidding process, the area shall be divided into 52,500 m2 of public space and 17,500 m2 of retail space, including dining areas and services, as mentioned above.
The building, in the shape of an upside-down “T”, is designed as a hybrid services volume containing several types of coexisting spaces, thus generating significant synergies. There are four different basic areas: firstly, a large underground car park; above this, a Sports Clinic and University Centre in the base of the building; a retail level on top of this, under a green roof from which the tower, which will be used for educational purposes, will emerge.
The future Quinta Torre project will host two significant tenants: one is the Instituto de Empresa, which will occupy most of the building and has already signed the leasing agreement, and the other tenant will be a private clinic, with which negotiations are currently underway for the leasing agreement.
IE University will be distributed over the base of the building, where there will be sports areas, an auditorium, a library, access to other floors and a cafeteria. The entire building base faces a green zone with a large façade toward the park, which affords access to the complex. The other entrance to the tower is located on Plaza de Castellana. The base of the tower is accessed via a large walkway that is level with Paseo de la Castellana, where the classrooms and administrative areas that make up the university centre’s main design programme are located.
The retail space shall be an extension of the city’s urban network, rendering the north-south axis friendlier and providing services and retail options between La Paz Hospital and Plaza de Castilla. The Monforte de Lemos area will also be connected to Castellana via the green zones and the retail area, providing the much-needed east to west permeability for pedestrian traffic in the area.
The design consists of placing a large horizontal volume at the base to create a retail avenue that links La Paz Hospital to Sinesio Delgado, generating two main squares next to the tower, one to the north and the other to the south. The south end of the project roof will be part of the IE Campus, and the north end will feature a city park integrated into the retail space, which endeavours to create similarities with High Line Park in Manhattan, fostering after-work events, art exhibitions, fashion week and nightlife in a green oasis within the financial district.
The project will include 1,693 parking spaces, of which 1,163 are for retail use, 400 for educational use and 130 for healthcare use. To conclude, the project will generate wealth from the time construction begins, but also every year of its operational life. This is compounded by the tax income for the city of Madrid deriving from property tax and tax on construction, installation and other works, for example, as well as the annual fee to be paid to the City Council. This project will be a catalyst for local employment, creating jobs as a result of the impact of construction and subsequent operation. The quality of the jobs in this second phase must be highlighted, given that a very high proportion of the directly created jobs will be highly qualified positions with unlimited contracts. Other benefits related to the project include an increase in health tourism, support for university and post-graduate education with a state-of-the-art campus and support for medical research, in addition to attracting students from abroad, which will bolster the area and consumption.