The San Miguel Market will come back to life on Thursday, February 26, after several months with its gates closed and construction work visible in the heart of Madrid’s historic center. The historic iron building, just a stone’s throw from the Plaza Mayor, has thus completed a renovation plan that has been carried out in phases since 2023 and which aimed to consolidate its structure and ensure its future without compromising its status as a gastronomic icon.
The latest intervention has focused on reinforcing the interior foundations, a key element in completing the consolidation of the entire building. This was preceded by two other equally important stages: the first dealt with the exterior pillars that support the structure, and the second, carried out in 2024, was dedicated to the complete renovation of the roof. With this third chapter, the iron jewel, declared a Site of Cultural Interest in 2000, is now shored up to withstand the passage of time and the constant flow of visitors.
The reopening does not bring any changes of direction, but rather continuity as a tourist attraction. The market resumes its activity with 100% of its tenants from before the closure, which means that all the stalls that have given the space a new personality in recent years, designed more for visitors than for locals, are returning.
The history of the building helps to understand why this renovation is more than just a simple construction project. Built between 1913 and 1916 under the direction of architect Alfonso Dubé y Díez, the San Miguel Market was conceived as a covered food market in the style of the large iron and glass enclosures of the early 20th century. Decades later, deterioration and changes in the city led to a profound transformation: on May 13, 2009, it reopened as Spain’s first large gastronomic market, a model already designed for tourism, which would later be replicated in other cities.
A local icon in international hands
Behind the reopening, there is also movement in the business backroom. The historic market is owned by Redevco Iberian Ventures, the alliance between the Dutch management company Redevco and the US fund Ares Management, which bought the property in 2017 for around €70 million from a group of Spanish investors. Now Redevco, based in Amsterdam and specializing in managing urban assets throughout Europe, is finalizing an agreement to take over 100% of the San Miguel Market, buying the 75% it does not yet control from its partner in a deal that would value the building at over €200 million.