To mark the 300th anniversary of its foundation (1702-2002), Caja Madrid commissioned the architect and sculptor Santiago Calatrava to design a monument that would be donated to the Villa de Madrid.

It was conceived as a monument able to describe a helicoidal movement, yet the hefty maintenance costs led to the Ayuntamiento de Madrid's preference for keeping it "static".

According to the initial project, the work would measure 120 meters tall.
However, the complex network of tunnels that pass underneath the Plaza de Castilla made this original project unworkable, because of its weight.
A decision was therefore made to lower the height to 92 metres.

In early October 2007, the Caja contracted construction company Acciona to carry out the project, and in July of the following year building work began, having dismantled the  fountain which existed previously at the selected spot.
The obelisk was unveiled on 23 December 2009 by Juan Carlos I.
To mark the 300th anniversary of its foundation (1702-2002), Caja Madrid commissioned the architect and sculptor Santiago Calatrava to design a monument that would be donated to the Villa de Madrid.
It was conceived as a monument able to describe a helicoidal movement, yet the hefty maintenance costs led to the Ayuntamiento de Madrid's preference for keeping it "static".
According to the initial project, the work would measure 120 meters tall. However, the complex network of tunnels that pass underneath the Plaza de Castilla made this original project unworkable, because of its weight. A decision was therefore made to lower the height to 92 metres.
In early October 2007, the Caja contracted construction company Acciona to carry out the project, and in July of the following year building work began, having dismantled the  fountain which existed previously at the selected spot. The obelisk was unveiled on 23 December 2009 by Juan Carlos I.
Caja Madrid Obelisk