Puerto Madero has always been a Buenos Aires neighborhood full of superlatives, some grounded in reality and others bordering on urban legend. Now the newest high-rise-kid-on-the-dique will definitely stir the anti-development pot and set a record for the tallest building in Buenos Aires.
Grupo Alvear will invest US$130 million to build the Alvear Tower Puerto Madero, a 54-story residential tower with luxury residences, pools, tennis courts and the requisite pet washing facility, according to La Nacion. Depending on the floor and unit size, the price per square foot of residences range from $550 to $930 per square foot ($6,000 to $10,000 per square meter).
Construction has already commenced on the 770-foot building (235 meters) with completion scheduled for December 2015. Sources say Grupo Alvear has already taken in US$50 million for the sale of 25% of the building’s 174 units which translates into an average price of US$1.16 million. This would make them the most expensive, unoccupied units in Buenos Aires.
Coming in at 54 stories, the Alvear Tower Puerto Madero will be the same height as the Emirates Office Tower in Dubai and replace the Le Parc Figueroa Alcorta as the tallest building in Buenos Aires. Local media are already claiming it will be the tallest building in South America; however, this is not true. The Alvear Tower will be 30 feet taller than the Parque Central Towers in Caracas but the new Gran Torre Santiago will be over 200 feet taller than the Alvear. (Full Story in Spanish)
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