The company intends to fully renovate the property, preserving its protected architectural elements. The future establishment will also feature a ground-floor commercial space suitable for a high-end restaurant or cafe, aligning with the demand for urban tourism and central accommodations.
This initiative marks Homely Capital's second project in the Tirso de Molina area. The firm is already involved in the recovery of another building on Doctor Cortezo street, as part of its 'value add' investment strategy focused on transforming real estate assets to generate value.
The intervention will run parallel to the renovation of Plaza de Tirso de Molina, promoted by the Madrid City Council with an investment of nearly three million euros. This municipal project aims to renew the public space, add green areas, and improve accessibility and urban furniture.
The plaza's renovation will enhance connectivity to key points of interest such as Plaza Mayor, Puerta del Sol, La Latina, and Lavapiés.
The building holds the necessary urban planning classification for hotel use, a crucial factor in central Madrid given the stricter regulations for new hotels and tourist accommodations.
“"The intention is to transform the building while preserving its character and to participate in the new phase facing Plaza de Tirso de Molina."
Amadeo Navarro, the company's co-founder, emphasized the firm's confidence in the area's transformation potential and its ability to identify properties that add value for both the city and its investors.
