The City Council of Madrid has given the green light to a land concession in favor of the Bank of Spain for a period of 75 years over the properties of the Quinta de Torre Arias, with the aim of restoring activity to buildings that are currently unused.
As detailed by the City Council in a press release, the measure has been adopted after studying in detail the proposal submitted by the Bank of Spain and confirming its "suitability to the general interest and to the objectives of conservation, enhancement, and revitalization of this municipal heritage site".
With this concession, it will be possible to recover "a new use for the historic buildings of the estate, currently inactive, while ensuring the maintenance of public access to the gardens of the Quinta, without altering the use that has been given to them until now".
The Bank of Spain will be responsible for undertaking the rehabilitation of the buildings, as well as the various conservation and improvement interventions in the environment, with the aim of "contributing to the preservation of one of the most unique historical spaces in the city".