This is a public limited company, one of Barcelona City Council's Private Municipal Companies, set up at the Full Barcelona City Council meeting of 25 July, 2014. It is the result of modifications to the company that was originally called Foment de Ciutat Vella, S.A.
The aims of Foment de Ciutat are to promote and co-ordinate all public authority and private entity actions regarding the Ciutat Vella district's social, cultural and economic development. To promote and foster increased economic activity by reorganising and revitalising commercial and productive activities, and developing a distinctive image for the district's commercial area, as well as activities designed to promote the district as a cultural, tourist and leisure area, and designing and developing plans and programmes that foster residential activity, through the renovation of the area.
It is also responsible for the administration, maintenance work, demolishing, conservation and refurbishing of municipally owned housing in Ciutat Vela; for redefining public areas and transforming the district in order to improve the quality of local residents' lives, within the framework of sustainability and urban solidarity, assisting the city's urban resilience teams, and planning, designing, implementing and assessing strategic projects.