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The symbolic value of Madrid Nuevo Norte Project (MNNP)

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  • Gavriilidis, Gaby
  • METAXAS, THEODORE

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.

Suggested Citation

  • Gavriilidis, Gaby & METAXAS, THEODORE, 2024. "The symbolic value of Madrid Nuevo Norte Project (MNNP)," MPRA Paper 122503, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:122503
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    References listed on IDEAS

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    1. Xing, Yangang & Horner, R. Malcolm W. & El-Haram, Mohamed A. & Bebbington, Jan, 2009. "A framework model for assessing sustainability impacts of urban development," Accounting forum, Elsevier, vol. 33(3), pages 209-224.
    2. Yangang Xing & R. Malcolm W. Horner & Mohamed A. El-Haram & Jan Bebbington, 2009. "A framework model for assessing sustainability impacts of urban development," Accounting Forum, Taylor & Francis Journals, vol. 33(3), pages 209-224, September.
    3. Theodore Metaxas & Laura Juarez & Gaby Gavriilidis, 2021. "Planning and Marketing the City for Sustainability: The Madrid Nuevo Norte Project," Sustainability, MDPI, vol. 13(4), pages 1-22, February.
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    More about this item

    Keywords

    Madrid Nuevo Norte (MNNP); Urban development; Madrid; Symbolic value; Sustainability; Mega Projects.;
    All these keywords.

    JEL classification:

    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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