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What will the new Edificio del Plata be like? The development for which US$ 100 million will be invested
IRSA, Coto and Banco Hipotecario launch their new housing project with 30-year loans. 2,000 square meters of restaurants, more than 200 parking spaces and a public plaza will also be built.
A few meters from the Obelisk, on Carlos Pellegrini 200, the block surrounded by Perón, Sarmiento and Carabelas streets that until a few years ago was the headquarters of municipal offices and tax claims, aims to become a new "integral space to live and enjoy the city." There, with an investment that will exceed 100 million dollars, the trust formed by IRSA, Coto and Banco Hipotecario plans to restore, enhance and transform the 44,000 square meters of the former Mercado del Plata, of which 33,000 will be marketable.
The proposal was officially presented yesterday, as part of the launch of the 40th edition of Casa FOA, an architecture, design and decoration exhibition that will be held there from tomorrow until December 1.
The Edificio del Plata, as it was renamed, will involve the restoration of the structure and the transformation of the spaces to develop 721 apartments, in two bodies. They will be one, two and three-room homes, some in duplex and all facing the street, which will begin to be marketed through 30-year UVA mortgage loans. These will be granted by the Mortgage Bank and can be "processed completely digitally."
Prices and credits
The value of the first units to be launched for sale will start at 3,000 dollars per square meter, but it is estimated that in the future "they will reach 5,000 dollars." The smallest units -which will be the majority- will be 34 square meters, which can be acquired by paying a 20 percent advance of the total in dollars and the balance in installments in pesos that, at current value, are estimated to be around 600,000 pesos. The largest apartments will be around 200 square meters in surface area and will have large balconies.
The 2,000 square meter basement will have eight premises that will be seven meters high and will be mainly for gastronomic use, as well as a public plaza; and there will be four basements with more than 200 parking spaces that will have connections for electric cars. There will also be various amenities, such as an indoor pool and an outdoor pool that will have infinity edges and will be located on the terrace, where there will also be a running track, a gym, a health center, a coworking area, a meeting room, a multipurpose room, a rooftop with a bar that will have a view of the city, bicycle storage, storage rooms and lockers to receive purchases.
Refurbishment of the center
The original building had been acquired by Banco Hipotecario in 2016, for more than 68 million dollars, to concentrate its offices. In the midst of the pandemic, the project was reformulated.
The current proposal was conceived within the framework of the tax benefit program to reconvert the citys downtown area, which had been launched by the Buenos Aires government during the administration of Horacio Rodríguez Larreta, but which was suspended by the new administration of Jorge Macri. Although the developer group says it is continuing to negotiate to have part of the investment amount recognized as a credit for the payment of the Gross Income Tax and hopes to soon reach an agreement to be able to sign the respective agreement, they would begin demolition work at the beginning of 2025. In total, they estimate that the works will last 48 months, to open in 2028.
Beyond its real estate plan, the project envisages the recovery of the surroundings of the Edificio del Plata, including the Carabelas passage, and the generation of a spillover effect. According to Ezequiel Barenboim, Development Manager of IRSA, the intervention of "a building of such magnitude will boost the area."
Meanwhile, Gervasio Gopegui, IRSAs manager of ventures, describes the profile of future residents: they will mainly be students, young digital natives, families and people who may live in the suburbs and want to have a pied-à-terre for when they are in the city. "It is an innovative project, which will reposition life in the center. We have great faith that it will be accepted by many residents of the city of Buenos Aires who see a possibility of enjoying the center again, with a building with all the amenities and in a place like this that has a wide educational, cultural and gastronomic offer. We are very excited and believe that it is a product that will reinvent this icon," concludes Gopegui.
The project was carried out by the Aisenson studio, the construction management will be in charge of engineer Eduardo Sposito, the development will be led by IRSA, the financial agent is Banco Hipotecario, the fiduciary agent is TMF and the technological partner is Samsung.
Source: https://www.forbesargentina.com/ |
