The four towers that mark Madrid’s skyline are set to become five, as plans are approved for a new skyscraper to be built in the city’s financial district.
The Spanish company Villiar Mir will build the skyscraper, which will be located next to the La Paz public hospital and house a private medical centre, as well as shops and restaurants.
The modern, glass building will be ready by 2019, according to reports in Spanish newspaper, Expansión and will join the four current skyscrapers which are the tallest buildings in Spain.
Built between 2007 and 2009, the four towers house a five-star hotel, as well as various embassies - including those of Britain and Australia - banks and other companies.
The skyscraper will be built on the site of one of the capital’s biggest recent building failures. Madrid’s city hall invested a total of €82.8 million ($93 million) in the failed construction of an international convention centre and are expected to pay €13.4 million in a legal dispute with the construction company.
In February, Madrid’s city council approved a new plan for the site with Madrid mayor, Ana Botella launching a tender days later. The plot consists of 33,325 square metres and a building area of 70,000 metres squared. It also has 2,000 parking spaces.
Villiar Mir will invest €500 million in the project, the building will cost €200 million and the remaining €300 million will go to Madrid city hall as part of an agreement to pay €4 million a year for a period of 75 years, after which the skyscraper will belong to the city hall.