The owners of Mad Cool have bought 190,000 square meters of land in the Madrid neighborhood of Villaverde where they will build the first and largest ‘Music City’ in Spain, according to ‘El Confidencial’.
Mad Cool Events, the promoter company of the famous festival, after a long search, has managed to acquire some land with a significant area and with very good communications and connections where they will permanently build a space that will allow large national and international music groups to come to the capital of Spain to offer their concerts throughout the year.
The project has the support of the Madrid City Council and the investment is entirely private. In a first phase, it will involve an investment of 13 million euros, between the plots and the works necessary to condition the undeveloped agricultural land.
Mad Cool Events also already has the necessary permission from the Ministry of Defense, given the proximity of the land to the aerodrome, and the forecast that in the coming weeks work will begin on the ground, with the aim that in the next month July, everything is ready to celebrate the Mad Cool Festival.
The project is based on the construction of a multipurpose venue that can function throughout the year, with cultural, sports or technological activities, as well as musical ones. The idea is that it is also an eco-sustainable space where there will not be a single wind turbine, but all the energy is green.
According to knowledgeable sources, the project can generate income of 250 million euros per year, thanks to the international impact of the concerts. On the sidelines, the public, in addition to attending festivals, takes the opportunity to go sightseeing in Madrid. In last year’s edition, 80 million were generated in just five days of the festival, and 35% of the attendees were foreigners, accounting for a total of 120 nationalities.
