Nicknamed ironically the "Pharaoh" by many locals, the mayor has created an urban renewal plan for Madrid that included the undergrounding of parts of the M30 motorway, the redevelopment of the Manzanares River bank, a push for the virtual gentrification of dwindling historic downtown areas, and a reform of the existing finance laws. In fact, the Madrid bid for the 2012 Summer Olympics figured as the most ambitious component of his plan despite being planned by his predecessor, José María Álvarez del Manzano. Several other projects, such as the four skyscrapers under construction in the old training grounds of Real Madrid, have boosted his urban plans.