Spanish soccer club Real Madrid has unveiled plans for a new Santiago Bernabeu stadium on Tuesday.
The refurbishment is set to completely change the stadium's appearance, with construction work due to begin by the end of the season in late May.
It is expected to cost around 400 million euros ($448.2 million).
Club president Florentino Perez said: "This great project will become a key part of the future Real Madrid and for the city of Madrid."
He added: "The new Bernabeu, located in the heart of Madrid, will be the best stadium in the world, more modern, comfortable, safe, designed for entertainment, with new areas for leisure and catering, where technology will be key so that the fans could perceive new sensations."
Mayor of Madrid, Manuela Carmena, who attended the presentation, praised the project and said that the capital has "three great teams," referring to Real Madrid, Atletico and Rayo Vallecano, which deserve to be supported by the city for the "relevant role they play."
The new stadium will be 12 meters taller than the current building and include a luxury hotel, in addition to having a retractable roof that will give the structure a futuristic look.
"In addition, it will be a great opportunity to turn our stadium into a great technological platform that will link our fans with us, which also would be a leading digital transformation," Perez said.
"It will have a spectacular 360-degree digital video-screen that will be one of the symbolic elements of the new Santiago Bernabeu stadium," he added.
"In brief, we want it to be the greatest digital stadium of the future."
The Government of the Community of Madrid authorized the General Plan of Urban Development of Madrid, which was previously approved by the city's council and included the remodeling of the Santiago Bernabeu, in November 2012.
But the Madrid-based High Courts of Justice of Spain annulled that decision in February 2017.
The remodelling plan was finally approved by Madrid City Council in May 2017, with backing from the People's Party (PP) and Ahora Madrid (Madrid Now). EFE