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The real estate developer is moving forward with four residential projects in CABA; the most ambitious is the construction of 6,000 units in the former Boca Sports City; strong support for the Government
Eduardo Elsztain: “We have had fiscal discipline for eight months that has not existed for many years and if it is maintained I am convinced that the economy will grow again next year. Today we have a president who understands the economy, something that we have not had in the last 40 years of democracy”
Eduardo Elsztain: “We have had fiscal discipline for eight months that has not existed for many years and if it is maintained I am convinced that the economy will grow again next year. Today we have a president who understands the economy, something that we have not had in the last 40 years of democracy”
Télam News Agency
After almost 15 years of concentrating investments in shopping malls and offices, the IRSA group is once again investing millions of dollars in the construction of housing in Argentina. With the slowdown in inflation and the reappearance of mortgage credit, Eduardo Elsztain, president of one of the largest developers in the country and owner of the main shopping centers in Buenos Aires, announced an investment of US$2 billion in four residential projects in the city of Buenos Aires.
“We are convinced that the reappearance of mortgage credit was the initial kick-off for the new economic horizons that are evident in our country. I am very optimistic about what can happen with the real estate market from the combination of mortgage credit and money laundering,” said Eduardo Elsztain, who again showed himself to be very enthusiastic about the progress of the economy. “It is much more logical to take out a loan to have a house than to buy a household appliance,” he added.
The project for the former Boca Sports City, named Ramblas del Plata, includes the construction of 6,000 housing units and will also include offices, commercial premises, schools, a hotel and a coastal pedestrian promenade
The project for the former Boca Sports City, named Ramblas del Plata, includes the construction of 6,000 housing units and will also include offices, commercial premises, schools, a hotel and a coastal pedestrian promenade
Courtesy
Of all the housing projects, the most ambitious is the development of the site where the former Boca Sports City stood, in the south of the city. The project, named Ramblas del Plata, includes the construction of 6,000 housing units and will also include offices, commercial premises, schools, a hotel and a coastal pedestrian promenade on a total of 72 hectares of land, of which 32 have already been ceded to the city for the creation of a public park.
“Before the end of the year we will begin with the infrastructure works,” Elsztain said. IRSA sources specified that the project is aimed at a segment of clients similar to that of its neighbors in Puerto Madero and highlighted that by 2028 the first inhabitants of the new Buenos Aires neighborhood could be living there.
Reconversion
The Boca Sports City was born in 1962 as a pharaonic proposal led by Alberto J. Armando that included a new stadium for 140,000 spectators -which was to replace the mythical Bombonera-, training areas for the squad and a large sports center.
The project never came to fruition and the land remained unused until 1991, when the Santa María del Plata company bought the property from Boca for US$22 million. In 1995, a competition was held to design a master plan and two years later, the IRSA company acquired the land and the plan for US$51 million.
The other housing projects that IRSA is working
on will be carried out in downtown Buenos Aires, the Caballito neighborhood and the Dot complex in Saavedra. The first is a remodeling of the old Mercado del Plata, on Avenida Nueve de Julio, a few meters from the Obelisco. For this project, Elsztain leads a trust that has among its partners the supermarket businessman Alfredo Coto, who has just debuted as a real estate developer with the luxury tower Aston Martin Tower, in Miami, which required an investment of US$125 million. The conversion of the building is part of the plan to transform downtown Buenos Aires promoted by the City Government and which includes tax benefits for companies that convert office buildings into housing.
IRSA is also moving forward with the remodeling of the Mercado del Plata, a few meters from the Obelisco
IRSA is also moving forward with the remodeling of the Mercado del Plata, a few meters from the Obelisco
Courtesy
The project in Caballito includes the construction of three towers, of 18, 22 and 27 floors, in a block located at Colpayo and Mendez de Andes. The fourth and final project will be in the Saavedra neighborhood, next to the Dot center.
Renewed optimism
For IRSA, the new projects represent its return to the residential business after almost 15 years. Its last investment in this area was the Horizons complex in Vicente López, opened in 2010.
Timing is not a minor issue. Elsztain is one of the businessmen who was most optimistic about Javier Mileis administration and did not hesitate to praise the progress of the economy in all his public presentations. In this sense, the announcement of the new residential projects was no exception. "For eight months we have had fiscal discipline that has not existed for many years and if it is maintained I am convinced that the economy will grow again next year. Today we have a president who understands the economy, something we have not had in the last 40 years of democracy," said the number one of IRSA.
Source: https://www.lanacion.com.ar/ |
