The final stretch of the Sagrera project is revitalizing investors and putting residents on alert.

BarcelonaIt's been talked about for over twenty-five years, and for almost as long as the planned timelines have remained just empty promises, but the conference The mayor of Barcelona, ​​Jaume Collboni, three weeks ago, has put again the transformation of the Sagrera On the table for investors and residents. That day, the mayor sought to define a timeline for one of the city's major ongoing projects. He announced a budget of 260 million euros until 2031 so that, by the time the future station opens to passengers, much of the surrounding transformation will be complete. This promise has reignited investor interest and also put residents on alert, residents who have long awaited the project's realization but are also wary of its potential impact on their neighborhoods. Both investors and residents agree, however, that the transformation surrounding the future Sagrera station presents a significant opportunity. The extensive linear park along the Camí Comtal—stretching over 4 kilometers—is intended to bridge the historical divide created by the railway lines between the Sant Andreu and Sant Martí districts. A vast green space—destined to be the city's most important—will form the backbone of new neighborhoods, bringing up to 30,000 new residents, as well as new hotels—one of them next to the station—offices, and other amenities.

For now, the vision envisioned by Collboni has had more of an impact on investors than on residents, who have learned their lesson from past missed deadlines. "For many years there was a certain skepticism because it was a project that progressed very slowly. Now it's no longer seen merely as an urban planning promise, but as a real undertaking that will ultimately create a new center in Barcelona," says Mercedes Blanco, CEO of the property management company Vecinos Felices and a member of Pimec on the Ha Advisory Council. Benjamín Tarín, executive director of the real estate consultancy Laborde Marcet, emphasizes that, although there has been "skepticism" at times, this is a project that "has never disappeared from investors' radar."

Both Blanco and Tarín have recently noticed a growing interest in the area. "In recent months, we've seen a sustained increase in interest, especially from investors who want to position themselves before the transformation is fully consolidated," explains Tarín. Blanco adds that the interest comes from both investors and individual buyers. "We're seeing a similar trend to what has already occurred in other areas of Barcelona undergoing transformation, such as Glòries or 22@. When there are expectations of a new urban center, improved connectivity, and large green spaces, the market tends to anticipate them," he points out.

"Respect for the territory"

Real estate consultant Iñaki Unsain also acknowledges that he has recently been recommending the Sagrera area to his clients as an attractive investment opportunity. "There's a growing buzz that everything near the future station will appreciate significantly," he says. "Sagrera will see a major boost. And Sant Martí, which was a somewhat run-down area, will start to see a similar upswing with the construction of this new park," he predicts. Unsain and Tarín also point to Sant Andreu as the area currently generating the most activity because "it already has a well-established residential and commercial fabric." Given these prospects, local residents' associations took action this week. At the monitoring committee meeting on the project's progress, they requested a social impact study from the City Council. This study would allow them to plan and implement the necessary measures to prevent neighborhoods near Sagrera from also undergoing gentrification that could ultimately displace residents. “We still have time to prevent this pressure from increasing, and we must take action,” warns Antònia Gimènez, president of the Provençals de la Verneda neighborhood association. Gimènez emphasizes that the new station, the large linear park, and the new housing and facilities could be a significant opportunity to improve the situation in the area's neighborhoods, but cautions that this will only happen “if it is done responsibly and with respect for the land.” “We are concerned that these types of urban projects end up prioritizing attracting investment and more metropolitan-style uses, without taking into account the residents who have always lived there,” she explains. However, she admits that, for now, they haven't yet noticed a change in the commercial fabric, one of the first signs of gentrification. Miquel Ruiz, president of the Sant Andreu de Palomar neighborhood association, also considers the new Sagrera station an opportunity. However, he warns that if nothing is done, many of the new apartments built and released onto the open market could end up as second homes for foreigners who only spend time in Barcelona. He explains that, in fact, in the Colorantes area—one of the areas that will contribute new housing to the neighborhood—two-bedroom apartments are already selling for over €500,000. Prices that, he believes, are far beyond the reach of most of Sant Andreu's natives who want to stay in the neighborhood.

Social Housing

Mercedes Blanco admits that it is "quite likely" that the transformation of the area could ultimately lead to a change in the profile of the station's residents. "New urban centers tend to attract young couples, professionals who value connectivity, and investors looking for emerging areas," she maintains. "Rather than talking about replacement, I would talk about evolution," clarifies Benjamín Tarín, who emphasizes that the plan envisions a combination of subsidized and market-rate housing, as well as new amenities and public spaces. This will allow, he concludes, "the maintenance of a diverse social fabric." Specifically, the urban plan for the area anticipates the construction of 11,347 new homes around La Sagrera, of which almost half—48.8%—will be subsidized. Regarding the impact of tourism, if there isn't a change in the script when the La Sagrera station becomes operational, Barcelona will have already eliminated the vast majority of tourist apartment licenses. However, the area will have 78,000 m² of hotel space – one of the new hotels will be built next to the station – as the area is outside the zone where opening hotels is restricted.