The four skyscrapers of the Cuatro Torres Business Area (CTBA) on the Paseo de la Castellana give Madrid a pretty impressive skyline, and it’s about to get better. The city’s financial district will soon be getting a fifth tower, built right next to the La Paz public hospital, courtesy of business magnate Juan Miguel Villar Mir.
According to Aura Real Estate Experts, the plot of land was originally going to be a convention center, but construction was ceased when funding ran out. Apparently, Madrid’s city hall had invested (and lost) around $93 million in the failed project and are now expected to owe around $14.9 million in a legal dispute with a construction company. As part of the deal, Villar Mir is investing $557 million, with $223 million going to the building and the remaining money going to the Madrid city hall as part of a 75-year contract.
Planned for a 2019 completion date, the modern skyscraper will house a private medical center, retail spaces, and several restaurants.
