Estadio Vicente Calderón will be transformed into housing and green space after approval was granted to demolish the former home of Spanish LaLiga football club Atlético Madrid.

The Madrid municipality has signed off on the three-phase Mahou-Calderón development project, which will revamp an area of 193,804 square metres. Budgeted at just over €42m (£37.3m/$47.6m), the scheme is projected to take 34 months to complete.

The first stage has not been given a start date but will involve demolition of the stadium, with the exception of the stand that sits over the M-30 motorway. Following this work, traffic will be diverted through the cleared site allowing for demolition of the final stand.

Atlético moved into the 68,000-seat Wanda Metropolitano stadium, which will host this season’s UEFA Champions League final, at the start of the 2017-18 campaign.

The 55,000-seat Calderon, located on the banks of the river Manzanares, had previously served as the club’s home since 1966.

Image: FDV