The Madrid City Council's Governing Board has granted initial approval for a Special Plan to transform Gran Vía 40 into a hotel. Located in the Centro district, the 1926 building designed by José Miguel de la Quadra-Salcedo will shift to exclusive lodging use.
The project involves restoring the facade, roof, and patios while removing added volumes on top floors. This will reduce the buildable area from 5,731 to 5,116 square metres. The plan now enters a one-month public consultation period via the Official Gazette.
This redevelopment follows similar conversions at Gran Vía 52, 60, and 76, reflecting a wider trend in the district. The site holds level 2 structural protection and sits within the Paisaje de la Luz buffer zone, requiring strict heritage commission oversight.