President Mujica and VP Astori want to encourage more foreign developers to launch projects in Uruguay.

After the U.S.’s $787 billion Grow Government package which Harvard essentially labeled a failure, it’s refreshing to hear about a stimulus package that could actually create jobs, promote development and provide some much needed housing. Montevideo’s LR21 reports today on the Uruguay government’s decision to promote a series of fiscal stimulus measures to incentivize private investment in the construction of new homes and condominiums. The President and Vice President of the Republic, José Mujica y Danilo Astori, made the announcement yesterday at a luncheon hosted by the APPCU, the Association of Private Developers in Uruguay. While some members of the U.S. Congress seem completely out of touch with the private sector, President Mujica said he values interaction with groups like APPCU to better understand the needs and challenges facing leaders in the country’s most important job creating sectors. Vice President Astori also acknowledged the critical role national and foreign developers will play in realizing one of the priorities of the Mujica administration, “promoting tourism-related real estate development which provides tremendous revenue and job creation for Uruguay.” And while national builders still account for he bulk of the new construction, Astori officially rolled out the light blue carpet for foreign developers. “These incentives are as much for national investors as they are for foreign groups who can collaborate with the public sector in developing new projects,” Astori said adding, “National investors dominate housing construction, while in the real estate tourism sector, we are hoping for more foreign investment.” (Full Story in Spanish)

The last remaining mega-parcel in Puerto Madero must resolve zoning issues before fetching top dollar.

“For Sale. Prime downtown Buenos Aires parcel ideally located in upscale Puerto Madero neighborhood. Approximately 130,000 square feet suitable for prime residential/commercial, multi-phase development. Pending zoning issue needs to be resolved before high-rise construction is possible. Owners of adjacent parcel strongly oppose new development. Estimated asking price: Somewhere between $15 million and $30 million. Serious inquires only.” Such might be the listing description for the last remaining mega-parcel in Puerto Madero which Clarín’s Daniel Gutman describes as “grandmother’s last jewel.” The recent building boom in Puerto Madero prompted many developers to snatch up the largest parcels for high-rise residential, commercial/office complexes and five star hotels. By 2006, 50% of Puerto Madero’s 15 million square feet were already developed or under contract. But the last remaining mega-parcel is mired in controversy that dates back to 1989 when then-President Carlos Menem transferred by decree over 400 acres of land to the Puerto Madero Corporation, the state body which oversees the sale and development of lots.  Back then, when the area was an abandoned port wasteland, zoning and density guidelines were established which probably never envisioned the meteoric rise in the waterfront redevelopment’s popularity. Fast forward to 2010, Gutman says, and those same zoning restrictions are issues which must be resolved before the sale is authorized. Those opposed include the owners of the adjacent Campo de Deportes where approximately 2,000 Buenos Aires schoolchildren practice sports weekly. They fear losing a portion of their playing fields with the mandated construction of parking lots. Current density—the infamous FOT—would also have to be upped by the Legislature to allow high-rise construction. Then, and only then, will grandmother’s last jewel fetch the $25 to $30 million price tag that some envision. Poor abuelita. (Full article)

All first graders in BA schools study English today; only 2 schools offered such classes in 2001.

December is usually the time for making resolutions for the year ahead, but the Government of the City of Buenos Aires is looking back and celebrating the many achievements since December 2007 when conservative Mauricio Macri was elected Mayor. “In 2 years, we accomplished more than in the last 10,” declares the city’s microsite, “We’re making up for lost time.” The accomplishments are numerous and organized into eight broad categories including Health (20 new Health Centers, 35 new ambulances), Education & Culture (Broadband connectivity in 98% of schools, record attendance at Buenos Aires festivals), Economic Development (an emerging Technology District, the opening of an Investor Assistance Center for foreign investors), and Security (the new Metropolitan Police force, a state-of-the-art Urban Monitoring Center). Another noteworthy achievement is designed to prepare the next generation of porteños for a more competitive global environment: English as a Second Language is now being taught in all first grade classes in the City; second and third grades will be added in 2010 and 2011, respectively. The website is a shining example of transparency and accountability for a city government that has delivered on many 2007 campaign promises, is working today to improve the quality-of-life in Buenos Aires  and is preparing for Bicentennial celebrations in 2010. Hence, the new website’s tagline: Hicimos, Hacemos, Haremos (We Did It, We Are Doing It, We Will Do It).