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Retamar de la Huerta: Start of construction of the new neighborhood of 3,500 homes in Alcorcón in 2025

Alcorcón, a municipality located on the outskirts of Madrid, is moving one step closer to the implementation of one of its most ambitious urban development projects: Retamar de la Huerta. The Compensation Board of the area plans to start the urbanization phase, which includes the adaptation of the land and the construction of the necessary roads to start the construction of the buildings, during the second or third quarter of 2024. 

According to sources from the landowners' association in the Activos area, the economic vertical of Prensa Ibérica, an investment of around 65 million euros is expected in this phase. The urban development of Retamar de la Huerta, bounded to the north by Villaviciosa de Odón, to the south by the M-506 road, to the east by the M-50 and to the west by the Campodón Urbanization, has its roots in 1999. However, the financial and real estate crisis of 2008 delayed its implementation. 

Final approval by the Community of Madrid was granted in 2013, and in 2014 the Junta de Compensación was formed. Approvals for the infrastructure and external connections plan, as well as the modification of the reparcelization plan, were achieved in 2020 and 2021, respectively. In its entirety, the project covers 1.14 million square meters, allowing for the construction of 3,500 new homes. 

According to Atlas Real Estate data, 32% of these new properties will be destined for some type of public protection. Retamar de la Huerta will be characterized by low-density residential developments. If the deadlines established in the urbanization phase are met, the first constructions are expected to begin in 2025, and the first homes will be ready for delivery in 2027. The development will be connected to other municipalities in the Community of Madrid via the M-50 and the M-506. Most of the green areas will be located next to the M-506 highway, acting as an acoustic barrier between the new neighborhood and the constant traffic. Culmia, a developer controlled by U.S. fund Oaktree and former owner Banco Sabadell, is one of the largest landowners in the area, with approximately 21% of the total and the capacity to build close to 550 homes. 

Culmia's investment in the construction of 17 developments is estimated to reach around 140 million euros. Other renowned developers, such as Habitat Inmobiliaria, now owned by the Bain Capital fund, and Realia, controlled by Carlos Slim, are also present in Retamar de la Huerta, contributing significantly to the development of the new neighborhood.