The new Palacio de Deportes was reconstructed in only three years with the clear objective of strengthening and multiplying its possibilities to hold grand events. ARPROMA, a public company dependent on the Madrid Regional Government Treasury was commissioned with the construction of the new building in July, 2001, with the work being commenced on 20 February, 2002. The new installation has an area of 82,044 square metres, 14,000 more than the former Palacio de Deportes, with the use of advanced techniques in its construction which combine safety with a polyvalent use of the building, accessible to all audiences.