A team comprising Spanish contractors Ferrovial, Gyocivil and Licuas has won a €98m deal to renovate a 70,000 sq m section of the Paseo de la Castellana in Madrid.
The project is being undertaken by Madrid City Council, and will add a two-lane cycle route, civic spaces and green areas with hundreds of new trees to the thoroughfare. It will also lower the level of the road.
The aim is to reduce congestion and connect the Virgen de Begoña district with the future Madrid Nuevo Norte quarter.
Ferrovial has a 65% stake in the project; Gyocivil and Licuas each own 17.5%.
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