New AZCA: the forest of 1,000 trees that will transform Madrid’s financial heart

AZCA is preparing for a radical change. Madrid’s financial heart will have a large central park, more than 1,000 trees and a stream. Works, with public and private investment, will begin in 2027 and renew urban life in Tetuán.

Madrid’s financial centre is about to shed its skin. The AZCA redevelopment project, presented by José Luis Martínez-Almeida, promises to transform one of the city’s busiest and greyest areas into a green, open space designed for those who live, work or simply walk around Tetuán. The plan, which had spent a decade awaiting consensus, already has the backing of the building owners and joint investment of 89.3 million euros.

The intervention will cover 132,895 square metres and bring a large central park, more than 1,000 new trees and a water stream running through the area. The City Council will contribute 55.6 million, while private companies will contribute 33.7 million. Works are expected to begin in the first half of 2027, opening the way to a friendlier, more accessible setting for residents and visitors.

The design includes a central circulation ring, five pedestrian walkways at different heights — some over the stream — and a 150-metre auditorium-style stepped seating area. There will be children’s play areas, new street furniture and two lifts to guarantee accessibility. In addition, the pavements of the streets surrounding AZCA will be renewed: avenida del General Perón, paseo de la Castellana, Joaquín Costa and Orense.

One of the key points will be the improvement of the 33 internal passageways, distributed over two levels, which will have new lighting, signage and finishes to reinforce safety and aesthetics. Openings will be created so that natural light and air can reach the lower levels, promoting a feeling of spaciousness and wellbeing.

Safety will be a priority: all lighting will be replaced with LED technology to eliminate dark areas, and 91 surveillance cameras will be installed, almost twice the current number. The goal is for nighttime passage to be safer and for the area to gain vitality outside working hours too.

Private funding is provided by twelve companies, including Pontegadea, El Corte Inglés, MERLIN Properties, GMP, Hermes, Mapfre, Mutua Madrileña, Leading Hospitality, Alba Patrimonio Inmobiliario, Monthisa, Cajamar and Renazca. The Oficina Española de Patentes y Marcas and neighbourhood and commercial associations such as COMUNAZCA and PROAZCA are also participating; they have collaborated in the process but do not fund the works.

The architectural project is the result of collaboration between the US studio Scofidio+Renfro and the Spanish b720 Fermín Vázquez Arquitectos, winners of the competition called by Renazca in 2020. Once the works are complete, management and maintenance of the new AZCA will follow a public-private collaboration model, with the aim of maintaining quality standards over time.

AZCA, located between paseo de la Castellana and avenida del General Perón, has for decades been the epicentre of Madrid’s financial activity. Its original design, marked by large towers and underground passageways, reflected a 1970s vision of a modern city. However, the passage of time and the lack of green spaces turned it into an unwelcoming environment. Now, with this project, Madrid is already beginning to move in a direction that prioritises urban life and enjoyment of public space.

It is hard to imagine if you think of today’s AZCA, with its somewhat sad corridors and so much concrete, but the plans for the new project seem like a small urban tale: a green meadow where there is now only hard ground, a stream playfully slipping between the glass towers, walkways inviting people to stroll without hurry and the promise of more than 1,000 trees offering shade and freshness to Madrid’s financial heart.