A 13-block stretch of prime real estate in the City of Buenos Aires originally scheduled to sit in the shadow of an elevated highway is now a magnet for private developers in Capital Federal.
Parque Donado Holmberg (PDH) is the name of the new neighborhood which is bordered by the more developed barrios of Belgrano, Saavedra, Coghlan and Villa Urquiza. iProfesional’s Patricio Eleisegui describes PDH as a “little real estate jewel” for the City of Buenos Aires which is attracting dozens of private developers at a time when other neighborhoods are seeing very little new construction.
“What you are seeing (in Parque Donado Holmberg) is the direct result of the law that established a new criteria for urbanization in the area. Since 2009, it has been evolving to stimulate the development of the area at the hand of private investors,” says BA’s Director of City Planning Fernando Alvarez de Celis.
When plans for the AU3 highway were scrapped, the City of Buenos Aires began selling properties and vacant lots in PDH in 2010, and today 60% of the available land has been sold to private developers who are currently building 14 residential/retail developments with names like GreenHaus, Moho and Void. Another 12 projects have received approval and are scheduled to break ground in the coming months.
Simultaneously, the City of Buenos Aires is channeling some of the 120 million pesos (US$14.2 million) earned from PDH land sales back into the community in the form of new schools, a public sporting complex, more railroad underpasses, parks and green spaces.
As a result, Parque Donado Holmberg values have doubled over the past four years from US$400 per square meter in 2010 to over US$800/m2 today. According to one developer, “the area has very high potential not only because of the type of new developments under construction, but also because of the location. Being located between Belgrano and Villa Urquiza means values per square meter will keep rising.” (Full Story in Spanish)
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