Grand projects return to the Madrid spotlight every so often; the Ferris wheel has had various locations and designs, and now there is a firm proposal from an architectural firm. The project was first proposed for Enrique Tierno Galván Park in Arganzuela, where a geotechnical study was even commissioned to confirm the site’s technical feasibility.
Strong opposition from local residents and the debate over privatizing part of the park ultimately put that location on hold, to the point that the City Council suspended the plan and the developers began looking for alternatives. The latest proposal from the Rubio Group involves moving the Ferris wheel to the Madrid Nuevo Norte site, on a municipal plot where the EMT bus depot is currently located in Fuencarral, right across from La Paz Hospital and very close to the Torres del Norte complex.
What the world’s tallest Ferris wheel would look like
The proposed Ferris wheel would reach a height of 260.4 meters, equivalent to a 62-story building, surpassing both Madrid’s current skyscrapers and the Dubai Ferris wheel, which currently holds the world record. It would not be a classic wheel like the London Eye, but rather a vertical, elliptical structure: on each side, panoramic cabins would rise and descend, stopping at a central volume—a multi-story observation deck with a surface area similar to a tennis court.
That central structure would house observation decks, restaurants, and shops, while the base is conceived as a leisure plaza with terraces, retail spaces, and gathering areas, all integrated into a striking design with scenic nighttime lighting visible from much of the city.
How much would it cost and who would pay for it?
The figures being discussed indicate an investment of around 250–300 million euros, which would be funded entirely by private capital, with no direct cost to the municipal budget, as both the developers and some business organizations argue.
The project, spearheaded by architect Carlos Rubio and an investment group that currently prefers to remain in the background, is presented as a major leisure infrastructure capable of generating hundreds of direct and indirect jobs and attracting millions of visitors a year. Sources close to Madrid Foro Empresarial also argue that the Ferris wheel could become a driver of tourism decentralization, shifting part of the tourist flow currently concentrated in the historic center toward the northern axis.
For now, it is a proposal formally submitted to the City Council, but it still must clear several hurdles: precise definition of the plot, urban planning procedures, environmental impact studies, public tenders for the land concession, and, above all, the political and neighborhood debate that will accompany a project of this size. The developers insist that, if Madrid does not go ahead with the project, they will explore alternatives in other Spanish cities or even in other countries.