Real Estate Mogul Marcelo Mindlin Acquires Property Near Puerto Madero
breakin' down Puerto Madero's latest scoop, here's the lowdown: this swanky neighborhood, the youngest and priciest in town, is still attractin' big-time investors thanks to its knack for a "trickle-down effect."
The last vacant plot in this upscale hood, situated at Eduardo Madero 399, just sold off, markin' the end of an era for the old ITBA headquarters that once operated there. The institution is now excitedly movin' forward with buildin' their new campus on two of the three lots they acquired in the Innovation Park in Nuñez, kick-startin' a project worth over 20,000 square meters.
To foot the bill for their new academic digs, you bet your bottom dollar they needed to sell that Puerto Madero property! They handed the task over to Newmark Argentina in 2023, and after a couple of years of hagglin', they finally sealed the deal for a cool $40 mil. Rumor has it that real estate developer Creaurban, owned by Marcelo Mindlin, snagged the land for around $30 mil.
So, what's the plan for the new ownership? Word on the street is that they're toastin' ideas for a 50,000 m2 mixed-use project, mixin' up residential, office, and maybe even a hotel space.
Now, onto the drama behind the sale. The plot in question boasts three parcels spanning around 5,100 square meters, with a 12,300 m2 bulidin' already in place (though the land can handle up to 60,000 m2!). The location is prime, smack dab between the Madero Terminal, Luna Park, Alem Avenue, 9 de Julio Avenue, Retiro Train Station, and various bus and subway lines.
The hood is a residential and office hotspot that's seen quite the boom since transformin' from a truck-filled, congested area to an enviable metropolis. As a matter of fact, the Agency for the Administration of State Assets recently auctioned off 91,337 square meters in Catalinas II, makin' bank to fund 50% of the Underpass' construction.
The real estate gold rush continued, with Consultatio, Developer of Eduardo Costantini, snaggin' a significant chunk of land. The property was divided into seven parcels, which sold at various times. A majority of the space was allocated for public use areas, while the remaining portion was designated for development, promisein' major changes in the area.
Other big-time players involved in local land deals include the Techint group, investin' $40.5 million in Catalinas Norte, and Argentine trust BAP (part of EMS Capital investment fund), which shelled out $23 million back in 2018. Adjacent plots have been swapped around, with GCDI (formerly TGLT) sellin' their stake to Banco Itaú to cover their 45% debt.
So, what's next for this dynamic district? Hang onto your hats, because exciting projects like Huergo 475, CRIBA, Quartier del Bajo, and the Grand Atlántida Residences are poppin' up all around! Stay tuned for more updates on these and other real estate shenanigans in C.A.B.A.!
FTW (For the Wayne) Info- Eduardo Costantini, a big-time developer, has been involved in multiple strategic real estate projects, including those near major highways and transport hubs like Retiro Station and Plaza San Martín.- The Argentine real estate market has been undergoing changes, potentially reactivating and stabilizing in certain segments, with a focus on areas with strong infrastructure and amenities.
[1] https://www.cancilleria.gob.ar/instructivos/ingeniero-eduardo-costantini[3] https://www.argentinapresidente.gov.ar/articulos/sector-inmobiliario-presenta-dos-propuestas-para-reactivacion-selectiva-estabilizacion-mercado-propiedad-ra-127158
- Despite the sale of the last vacant plot in Puerto Madero, the neighborhood remains attractive to investors due to its ability to trigger a "trickle-down effect."
- Real estate developer Creaurban, owned by Marcelo Mindlin, is considering a 50,000 m2 mixed-use project for the newly acquired land in Puerto Madero, including residential, office, and possibly hotel spaces.
