Remates Punta del Este

The entire 23-story building was acquired for less than the price of some Punta penthouse units.

Call it the last of a generation. Or the last of a bunch of abandoned high-rise projects that came out of the ground 35 years ago but never reached completion, because of the 1982 financial crisis. They are “The Skeletons of ’82,” says El Pais’ Marcelo Gallardo.

For over three decades they’ve loomed over Punta del Este beaches and boulevards as stark reminders of Argentina’s 1982 banking crisis, currency devaluation and subsequent devaluation in Uruguay which left many developers unable to complete high-rise residential projects.

Now one the last of those skeletons, the 23-story Torre Jardi­n on Avenida Roosevelt, has been dusted off and sold at auction for US$1.98 million…about US$1 million less than some Punta del Este penthouse units.

The price was a bargain when you consider the building had racked up over $3 million in unpaid property tax bills over the past 30 years. With the shell of the building complete, the new owner now has 150,00 square feet (14,000 m2) of eventually sellable space.

The new investor group was led by WSW, the Uruguay firm behind the recently announced Hyatt Montevideo, according to Gallardo who says the next Generation of ’82 skeleton auction, an abandoned high-rise at Roosevelt and Parada 6, is scheduled for February. (Full Story in Spanish)

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