Madrid City Council has approved the concession of the Torre Arias Estate buildings to the Bank of Spain for 75 years, currently unused. The entity will undertake the rehabilitation and keep the green areas open to the public.
Madrid City Council has given the green light to the concession of the Torre Arias Estate buildings to the Bank of Spain for a period of 75 years. The decision, made after analysing the bank's proposal, aims to recover the use of spaces that currently lack activity, according to a statement from the City Council.
The concession will allow for the rehabilitation of the historic buildings of the estate, located at number 551 Alcalá Street, in the San Blas-Canillejas district. The Bank of Spain will be responsible for the rehabilitation works and for the conservation and improvement of the surroundings, with the aim of preserving one of the city's most unique historic spaces.
The Mayor of Madrid, José Luis Martínez-Almeida, has confirmed from Mercamadrid that the Bank of Spain will establish a study centre at Torre Arias which, he assured, will be an international reference. The project fits, in his opinion, with both the philosophy of the City Council and the demands of local residents.
Almeida emphasised that the gardens and green areas of the Quinta will remain open to the public, without altering the use that has been given to them until now. He also revealed that they have asked the Bank of Spain to include educational activities, not just research, to engage the local residents and the wider city of Madrid.
The Torre Arias Estate, with over five centuries of history, has been a Cultural Heritage Site (BIC) since 2022. Its origins date back to the 16th century when it was built as one of the recreational estates of the nobility. The current palace, with a 200-metre façade, dates from the renovations by the Marquis of Bedmar in the last third of the 19th century.
The estate covers 18 hectares, including orchards, gardens with 31 tree species, 27 shrub species, and two palm trees, as well as a 400-year-old holm oak. It also preserves an original irrigation system from 1619, known as 'water journeys', which supplied waterwheels, wells, and fountains.
The City Council had been negotiating with the Bank of Spain for months for the concession of the Palace to house a study and financial centre, on the condition that there would be public use. The agreement guarantees that local residents can continue to enjoy the estate, which was already functioning as a public park after the concession from its former owners.
For the residents of San Blas-Canillejas, the news means the recovery of historic buildings that were unused, without losing access to the gardens. The project includes educational activities open to the public, which could generate a new cultural and economic focal point in the area.
The concession, which extends for 75 years, means that the Bank of Spain will assume all rehabilitation and maintenance costs. The City Council, for its part, ensures the preservation of the heritage and the revitalisation of the site, which has been inactive for years.
The next step will be the formalisation of the agreement and the start of rehabilitation works, the timeline for which has yet to be detailed. The study centre is expected to begin operations in the coming years, once the works are completed.
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