The grand opening of the Distrito Arcos Shopping Center never happened as originally planned in December, and the fate of Buenos Aires’ first open air retail development remains uncertain, according to Clarin’s ARQ.
Retail stores like Prune, Street, Tucci and Vitamina are all stocked and ready to open in the new US$60 million retail complex, but a government agency is questioning the thoroughness of the development’s environmental impact study. This issue is not likely to be resolved this month with the traditional summer holidays underway for most legal professionals.
Another issue being debated is whether the new shopping center will have a negative impact on existing retail stores in the surrounding area along Santa Fe and Juan B. Justo Avenues. IRSA, the project’s developer, believes this fear is unfounded considering the shops in Distrito Arcos will only feature outlet merchandise.
Just like Alto Palermo and the Abasto Shopping Center, IRSA believes Distrito Arcos’ impact will be a net positive for the neighborhood serving as a magnet for more new commercial and residential development around tourist-favorites Palermo Hollywood and Palermo Soho. (Full Story in Spanish)
For more information about living and investing in Buenos Aires, complete the form below.