MADRID-The Chamartin Urban Development Co., in charge of the $15.3 billion project to transform transport and commercial property use here, unveiled plans at China's Shangai Expo recently. The project is dubbed ‘Operacion Chamartin’.

Covering three million square meters of land to the north of Madrid’s Castellana office axis, the project requires investment estimated at $15.3 billion, 60% of which is for infrastructure work. According to CUDC Chairman Emilio Cebamanos, the extension works to the 'Castellana’ will last at least 15 years, with the first building scheduled for completion in 2018. The project involves construction of Madrid’s largest skyscraper, a 60-story structure. Another 14 office towers of more than 25 storys each will be permitted. The project also includes 12 residential blocks of up to 20 storys each. It has been estimated that the project will provide more than 20,000 jobs during the next 12 years.

The land on which the development will take place is currently mostly occupied by railway tracks. According to chief architect Jos