Carabanchel Reinvents Itself: New ‘Artistic Micro-Neighborhood’ with 25 Buildings
Madrid, March 1, 2026 – The Antoñita Jiménez street in Madrid’s Carabanchel district, historically an industrial area, is set to become the heart of an ambitious urban transformation. Kronos Real Estate is developing a new ‘artistic micro-neighborhood’ in Opañel, featuring 25 buildings, over 300 rental homes, and creative spaces, with an investment exceeding 150 million euros.
A Vision for an Artistic Hub
For the past five years, Kronos Real Estate has been acquiring abandoned warehouses, disused factories, and industrial properties across Antoñita Jiménez street and six adjacent roads. The company’s goal is to convert this urban puzzle into a vibrant artistic enclave. Saïd Hejal, CEO of Kronos Real Estate, stated, “We want it to be an art destination that respects the soul of the neighborhood.” This initiative builds upon Carabanchel’s growing reputation as a hub for artists and galleries.
Project Scope and Architectural Excellence
The extensive plan involves 25 buildings, with 15 undergoing rehabilitation and 10 being constructed from scratch. The development spans 38,000 square meters across seven streets in Opañel. Upon completion, over 300 rental homes will be available. A unique aspect of the project is the involvement of renowned architects, including two Pritzker Prize winners, ensuring that the new buildings will be distinct architectural pieces. Five new structures will be erected on Antoñita Jiménez street, and the remaining five on Fernando González, Antonio González Porras, and Miguel Mayor streets.
Investment and Design Philosophy
Hejal expressed his enthusiasm for the project, calling it “the best project we have ever done.” The design prioritizes preserving the neighborhood’s character while ensuring profitability for the more than 150 million euros invested by Kronos and its investor group. Brick will be a unifying element in the designs, and many original industrial structures, such as the former Cocinas Cobo factory, will be retained as “unique jewels of an era.” The first building to be completed, designed by architect Juan Herreros (known for the Munch Museum in Oslo), will feature 74 homes with a swimming pool and common areas, all organized around a gallery of interior gardens visible from the street. This configuration will be replicated in all new buildings.
Residential Offerings and Phased Development
The residential units will vary in size, ranging from 4 to 75 homes per building. The majority will be one and two-bedroom apartments aimed at young renters, with the goal of offering the lowest possible prices. The first phase, comprising 150 homes, is scheduled for completion in spring 2027. This phase includes buildings by Juan Herreros and Jesús Gallego (on Miguel Mayor street, 6), as well as those at Antoñita Jiménez 17-19 and Antonio González Porras, 6.
Some rehabilitated properties will be available sooner. Tenants for the first renovated building at Antoñita Jiménez 3 are expected to move in this year, with prices around 1,200 euros for a one-bedroom and 1,400 euros for a two-bedroom apartment. Flats at Fernando González 1, designed by the Langarita Navarro studio, will be delivered in a few months.
Community Reactions and Concerns
Local residents have mixed feelings about the transformation. Juan, 39, observes the ongoing construction with a blend of fatigue and hope, looking forward to the neighborhood moving “from an industrial area with occupied buildings to having a new image.” However, Raquel, an architect and resident for eight years, acknowledges the improvements but fears gentrification. She notes that her apartment, bought for 100,000 euros, would now be worth 180,000 euros. Despite her concerns about rising prices and the potential loss of the “working-class neighborhood vibe,” she appreciates Carabanchel’s vibrant cultural life and does not wish to leave. Samuel Márquez, a graphic designer and head of the Noart gallery, welcomes the artistic effervescence, stating that the construction does not bother him and that art permeating the neighborhood is positive.
Future Phases and Long-Term Impact
The second phase of the project will unfold around the Veta gallery, in which Hejal is involved, and beneath a large mural by Santiago Lianes commissioned by the company. The third phase will extend across Fernando González and Antonio González Porras streets, completing the vision for this micro-neighborhood. The project aims to reshape Opañel’s landscape while preserving its industrial memory and enhancing its artistic heritage.
Source: elpais.com
