A few steps from the obelisk of the Plaza de Castilla, it is already starting to take shape a new luxury complex in the capital. With 40 million investments and the idea of building a residential, commercial and office center, Nuga Castellana was born, a new luxury block on the main artery of Madrid. The real estate developer Pimco Real Estate will be in charge of managing this 66,000 square meter asset which will be inaugurated next fall.
Only a few establishments from Castellana 200, as the commercial gallery located at this number on Madrid Avenue is currently called, survive today in this space. Several clothing stores and even a hairdresser, among others, have disappeared in recent months, transforming these facilities into a veritable ghost shopping center. Mari Luz, who runs a hardware store open for more than half a century, saw the birth and growth of this project which, according to her, “came to give more life to the neighborhood.”
Recreation of the entrance to Paseo de la Castellana in Nuga Castellana
This enclave will be part of Nuga Castellana, a new complex that seeks to combine a mixed-use real estate model in a single block. As Miguel Torres, spokesperson and director of Pimco Real Estate, explains to this newspaper, it involves bringing together rental housing, offices, restaurants, stores and wellness services in the same space. be.
In addition to 1,600 square meters of outdoor terraces with green spaces, this complex will occupy a total of 66,000 square meters, which will be divided into offices, with “coworking” spaces for employees; luxury rental apartments; 4,620 square meters of catering, which will include Michelin star Ugo Chan; and 6,600 of shops, leisure activities and even a gym.
40 million
Pimco Real Estate allocates 40 million to convert a complex which will include residential, commercial and office areas.
271
This project located in the Nueva España district will have 271 apartments for rent in the residential blocks located on this block.
2025
Work to create Nuga Castellana began in the middle of the month and the inauguration of this new block is planned for autumn 2025.
These spaces, indicates Torres, “have turned their backs” in the current distribution, but what is now sought with this renovation is to unify them through a block patio, thus creating a place where not only will people go to work or live. , but also to take advantage of various leisure opportunities.
Recreation of the interior of the block patio, heart of Nuga Castellana
To achieve all this, it was not necessary to request any new planning permission since the work, which began in mid-September, respects the original uses of each of the acquired properties.
Between 2019 and 2022, Pimco Real Estate brought together the 11 properties that make up this million-dollar project. “We are a long-term strategic investor. We first invested in the shopping mall and the office building because we see that the capital has positive prospects, that it is growing and attracting talent,” Miguel Torres explains to ABC. Madrid Nuevo Norte and, therefore, the attraction that this area of the city generates, offers greater value to this complex, which they hope to open next fall.
