The Montoro family - Spain's richest - is building a student dormitory in Madrid Nuevo Norte.

The Monthisa construction company, owned by one of Spain's wealthiest families, the Montoro family, has begun construction of a student dormitory near Chamartín station, in the Madrid Nuevo Norte neighborhood, the largest urban development project in the capital. The company has already begun construction work on the complex, which when completed will include 317 rooms and will be located at Agustín de Foxá 34, with access to Rodríguez Jaén and José Vasconcelos streets. The developer is Eridú Promociones Inmobiliarias S.L.U, a subsidiary of Monthisa. The project is designed by the architectural studio Touza Arquitectos and the construction work is being carried out by the Basque company Amenabar. The new student hostel will be managed by the British company Collegiate, for whom it is''will be the first asset in the capital. The building is being erected on a 2,519 square meter city-owned land plot and will have two underground parking lots for 120 cars and 13 motorcycle spaces. Among the amenities offered to residents of the dormitory will be laundry facilities, a cafeteria, library and reading rooms, a movie room, a gym, outdoor terraces like a solarium, bike parking, a rooftop pool and lounge area, and a private pool with public areas on the first floor.

The construction of a new dormitory for students.

It took a long time because of the need to obtain a use permit for the site, which is included in Special Planning Area 05.08 "Jose Vasconcelos Street". According to the information provided, in 2002''year, Trome S.A., which owns 91.55% of the land plot, developed and approved a detailed plan for the construction of a commercial and hotel building. However, this project was not realized and it was only in 2015 that Monthisa acquired the rights to the plot, acquiring 36 registry plots without the need to raise debt funds.

The work is now well underway and after a visual''inspection already shows that part of the skeleton of the future dormitory is already rising. Monthisa representatives refused to comment on this information. Monthisa is one of the most active real estate companies in Spain, although they are always kept in the shadows. Founded in 1968, it has built more than 21,000 residential properties since 1971. In addition to real estate, the company invests in industry, tourism and energy. Monthisa has projects in Madrid, the already mentioned student hostel, Murcia and Andalucía, with a presence in Cadiz, Cordoba, Huelva, Malaga and Seville. Monthisa has five leased office buildings, all located in Madrid. The most central and valuable property in their portfolio is the building at Paseo de la Castellana 85, with a total area of 14,885 square meters.