Paseo de la Castellana, a thoroughfare in Madrid, Spain, is set to undergo a significant transformation with a €98.4m ($103.2m) project led by infrastructure company Ferrovial and its consortium partners Gyocivil and Licuas.
The initiative aims to revitalise one of the city’s “most congested” areas into an “accessible and sustainable” urban space.
The project, awarded by Madrid City Council, will develop nearly 70,000m² into a modern public area featuring green spaces, cycleways, and pedestrian-focused civic zones.
This development is claimed to be part of a broader strategic plan by the council to enhance the city’s functionality, sustainability, and urban integration, particularly in this key northern sector.
The project is expected to deliver significant environmental benefits. The introduction of hundreds of new trees and thousands of shrubs will contribute to an improved ecological landscape within the city.
The transformation will also facilitate better connectivity by linking the Virgen de Begoña district and the upcoming Madrid Nuevo Norte development with the city centre. This will serve to improve north-south mobility along this urban corridor.
The construction work involves the depressing the existing road, rerouting surface-level lanes to the periphery, and establishing a two-lane cycleway.
The consortium undertaking this project is led by Ferrovial’s construction division, which holds a 65% stake, while Gyocivil and Licuas, both engaged in the construction and services sector, each hold a 17.5% share.
Earlier in February 2025, Ferrovial, through its UK construction division, was awarded a £230m ($283.8m) contract for the Grain to Tilbury electricity infrastructure upgrade project by National Grid. The project is set to run from early 2025 until the first quarter of 2029.
In November 2024, the UK’s High Speed Two (HS2) announced Ferrovial Construction/BAM Nuttall joint venture (JV) as one of the companies to provide the high-speed rail project’s track, signalling, and communications, as well as other systems.
