Hines chosen by BBVA subsidiary for upscale residential conversion in Madrid (ES)

The Madrid office of Hines, the international real estate firm, announced that it has been selected by Anida, the real estate subsidiary of BBVA, to serve as development manager for the renovation of Villanueva 4 into luxury apartments. Located on Calle Villanueva 4 in the center of the capital next to next to Madrid's National Library, the building, which was formerly utilized for office space, will contain 43,040 ft² (approx. 4,000 m²) on four floors.

Calle Villanueva Rendering01

The former office building will incorporate 13 luxury apartments.

The refurbishment will preserve the building's neoclassical façade, and incorporate 13 apartments ranging in size from 2,150 to 3,767 ft². Parking for 50 cars will be provided. Renovation will begin in February 2012, with completion expected 18 months later.

As development manager, Hines will oversee project design and construction, and has selected Rafael Robledo to design the project. Previously, Hines worked with Robledo on Salustiano Olózaga II, a residential project that Hines purchased and refurbished, that is also located in the center of the city.

"It is a great privilege to have been chosen by Anida to develop some of the finest residential space in the city," said Fernando Arenas, managing director for Hines in Spain. "We believe that our proven international track record to provide quality development services in similar types of projects will be evident in Villanueva 4."

Source: Hines

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