Metrovacesa and Vita Group have signed a joint venture to develop a flex-living building at Oria Innovation Campus, on Avenida Cardenal Herrera Oria, next to the former Clesa factory in Madrid.
The 22,000-square-meter (237,000-square-foot) building will have 519 rooms with a plethora of resident amenities and services, such as a co-working area, games room and swimming pool. The construction will begin this October, and it will come into operation in 2027, at which time Vita Group will become the sole owner and operator of the building.
Cain International is providing a €73 million ($78.8 million) construction loan to Vita Group and Metrovacesa SA for the development of the flexible living tower.
The agreement marks Vita’s first venture into flex living, utilizing its experience as a vertically integrated developer and operator of co-living, purpose-built student accommodation and build-to-rent brands to develop a best-in-class flex-living product that respo
