Club Atlético de Madrid is currently in advanced planning of building a new stadium in the east of the city. It presented its plans for the new stadium on the 5th of December 2011.
The stadium is planned to have a capacity of 67,500 seats, about 12,000 more than the current Estadio Vicente Calderón. The club had been looking at moving to a new stadium for several years as the current Vicente Calderón lacks the possibilities for expansion, being enclosed by a river and the M-8 motorway on one side, and residential buildings on the other.
If Madrid gets awarded the 2020 or 2024 Olympic Games, the stadium will also serve as the main venue for the event. As the stadium will be designed as a football-specific stadium, with the stands close to the pitch, this means that the athletic tracks will have to be built on top of the lower parts of the stands. This will result in a decreased capacity for the Games (to about 60,000) and Atlético Madrid having to move to another stadium for about a year.
The stadium will be constructed at the site of the current Estadio La Peineta, which in recent years got mainly used for athletics events. Demolishing of (parts of the) stadium have already started with the expected completion of the new stadium scheduled for 2015, in time for the start of the 2015/2016 season.
The costs of the project are estimated to be €200 million, which will be financed by the development of the land on which the Vicente Calderón currently stands. Atlético Madrid will become the sole owner of the stadium.