Not really, this is what they started with...
It was built for a failed Olympics bid for 2012 and again for 2016, it never got beyond this stage. It was used for a couple of athletics meets and that was that. They've pulled down the top tier and maybe the bottom too, the top one wasn't in fantastic condition as I remember and couldn't be incorporated into the new plans.
So more or less they have built it from scratch. One reason it's costing less as far as I know is that the land and what you see above is owned by the City Council, I think they're leasing it to Atleti