The symbolic value of Madrid Nuevo Norte Project (MNNP)

Gaby Gavriilidis and Theodore Metaxas

MPRA Paper from University Library of Munich, Germany

Abstract: Madrid Nuevo Norte (MNNP) is an urban redevelopment project applied in the city of Madrid in Spain. It will occupy an area of 3.3 million square meters and will modify a large part of the northern area of the city. New public spaces, office buildings, commercial areas, homes, infrastructure, and green areas will be created. In relation to this, the aim of this paper was to examine the expected symbolic value of MNNP for the community of Madrid. For that purpose, questionnaires were handed out to 147 professionals relevant to the urban development of the Spanish capital (urban planners, architects, engineers, academics, project managers, sustainability consultants, real estate managers, etc.). Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) techniques were applied to analyze data. The results firstly indicated that the symbolic value of MNNP is reflected in the overall success and performance of the Mega project as well as in its acceptance from the citizens of Madrid. Critical aspects in this context are affordable housing for potential residents, satisfaction of the community from the establishment of the project, public approval, deliverables in line with expected targets, ability of local authorities to effectively manage MNNP and project completion within budget. MNNP incorporates considerable symbolic value for the citizens of Madrid. Its value is reflected mainly in economic and social terms. However, the overall value of the project will be significantly enhanced if environmental concerns are considered. Then, the sustainable character of the project will be underscored, revealing the necessity of Mega projects to be aligned with the principles of sustainable development. The findings of the study are expected to help local agencies and actors to assess the symbolic value of Mega projects, such as MNNP, in creating sustainable city schemes, contributing to the fair and equitable development of European metropoles.

Keywords: Madrid Nuevo Norte (MNNP); Urban development; Madrid; Symbolic value; Sustainability; Mega Projects. (search for similar items in EconPapers)
JEL-codes: R38 R52 R58 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-env, nep-ppm and nep-ure
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