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In Recoleta, Buenos Aires Goes Underground to Solve the Parking Shortage

On November 18, 2011, In ba government, buenos aires events, real estate, by InvestBA
Mitre Parking Lot in Recoleta

The Mitre parking lot is the first of 13 planned in the City of Buenos Aires (Source: CRIBA)

Parking in Buenos Aires is a problem, especially in areas of Capital Federal like Puerto Madero and Recoleta with high construction density and no Subte stations. With dwindling available lot options for above-ground parking, the City of Buenos Aires decided to go underground with a new parking garage at Pueyrredon and Las Heras.

The Estacionamiento Mitre, which opens today, is a 123,000-square foot facility with 410 parking spaces spread over two underground levels. The above ground Emilio Mitre Plaza has been restored and even received an additional 21,000 square feet of new trees and green space, according to Clarin’s Romina Smith.

Smith says the Mitre facility and 12 other planned garages all form part of the City’s Responsible Mobility Program which encourages visitors to park on the outskirts of downtown and continue to their downtown destination by foot, bike, bus or Subte. Toward that end, the H Line of the Subte will soon add a Las Heras Station connecting the busy intersection with the A, B and E Lines. The Mejor en Bici program now needs a bike station and bike-friendly lanes around Puerryedon and Las Heras.

According to the construction company’s website, CRIBA finished the Mitre project in 12 months. The next underground garage is being built seven blocks north under the Parque Las Heras in Palermo, and the third is planned for the Plaza Noruega in Belgrano. (Full Story in Spanish)

For more information about City of Buenos Aires projects including the Tech District and Metropolitan Design Center, download the new issue of InvestBA Privada.

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Megaproject Between La Boca and Puerto Madero Close to Winning Approval

On November 2, 2011, In ba government, real estate, by InvestBA
Solares de Santa Maria

Mayor Macri has the necessary votes to win approval for the new waterfront development.

A $900 million mega-project envisioned for the southeastern part of Buenos Aires is on the fast track to approval in the Buenos Aires Legislature. The Solares de Santa Maria project would be built on a 172-acre piece of property between Puerto Madero and La Boca, the largest remaining parcel owned by the City of Buenos Aires.

The land in question was the site of the old Boca Juniors Sports City, a poorly planned sports complex dating back to the 1960s. (Google Map) The original idea was to build Boca Juniors the largest futbol stadium in the country with capacity for 140,000 fans. When plans for that were scrapped, the Ciudad Deportiva was converted into a low-end waterfront amusement park and ultimately faded into disrepair.

Fast forward half a century and a new developer wants to purchase the parcel and build more high-rise condominiums in an area of Buenos Aires that is already saturated with vertical construction. In lobbying for the project’s approval, IRSA has vowed to cede 40% of the land to the city and make the project accessible to the general public with eight access points and a mix of housing, hotels and shopping.

According to multiple sources, Buenos Aires Mayor Mauricio Macri supports the development and apparently has the necessary 31 votes to win the project’s approval. (Full Story in Spanish)

For more information about investment opportunities in Buenos Aires, download the new issue of InvestBA Privada.

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From Jobs to Revenue, Tourism Booming In Buenos Aires

On August 12, 2011, In ba government, real estate, tourism, by InvestBA
Galerias Pacifico

Holy Tourism: BA shoppings like the Galerias Pacifico are a magnet for domestic and international visitors.

The Buenos Aires tourism engine just keeps chugging faster and generating more jobs and revenue in the process, according to a new report from the City of Buenos Aires. The Tourism Board and Ministry of Culture shared the new data at the conclusion of this week’s Expoeventos 2011 at the Centro Costa Salguero.

Tourism in Buenos Aires is a multi-billion dollar  juggernaut which now employs one of every eight workers in Capital Federal. The 337,000 Buenos Aires tourism jobs represent a 4% increase over a year ago. In an excellent summary of the tourism data, La Nacion’s Pablo Tomino says 13% of BA employees work directly or indirectly in the sector which now accounts for 7.6% of Buenos Aires’ total GDP.

In terms of total revenue, Tomino says over 10 million visitors spent US$3.41 billion in Buenos Aires, while an additional US$1.3 billion was generated thanks to local investment geared toward attracting more tourists in the coming years.  The total number of visitors arriving at BA airports, ports and bus terminals rose 29% in 2010 compared to 2009.

Looking at the tourism numbers by foreign country, Brazilians topped the list of foreign visitors with 800,000, a phenomenal 86% increase over the previous year. Chileans accounted for 33% of BA arrivals and Uruguayans ranked third with 22%. Domestic arrivals rose 22% over 2009 with 3.2 million Argentines spending at least one night in a Buenos Aires hotel, a healthy 30% increase over 2009. (Full Story in Spanish)

For more information about Buenos Aires condo-hotel investment properties, download IncomeBA.

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GCBA/V: Buenos Aires Is One Giant Movie Set

On August 3, 2011, In arts & entertainment, ba government, creative class, foreign investment, us companies, by InvestBA
American Express Delta SkyMiles My Card Can campaig

Scenic Puerto Madero is the backdrop for the new Delta SkyMiles "My Card Can" campaign.

From commercials to TV shows to feature films, the City of Buenos Aires is now the fourth most popular destination in the world for film crews according to a new ranking from Variety, writes Clarin’s Romina Smith. Only Prague, Paris and New York rank higher than Buenos Aires which has blossomed in recent years as a destination of choice for film and television production.

“We want the world to look at Buenos Aires as a movie set the size of a city,” GCBA Economic Development Minister Francisco Cabrera tells Smith adding, “The sector is one of the most dynamic of the local economy.” Sure enough, over 400 companies from producers to editors to distributors make up what the City envisions as a 1,700-acre Audiovisual District encompassing the barrios of Palermo Hollywood, Colegiales, Chacarita and Villa Ortúzar.

Just in the first six months of the year, the City issued over 300 permits for film crews looking to roll tape in the streets of BA including 220 commercials, 33 academic productions, 22 feature films, 18 television programs, 5 documentaries and 5 short films. Smith says BA’s affordability, abundance of creative talent, and diversity of backdrops makes it universally appealing with the barrios of Monserrat, Palermo, Puerto Madero, Recoleta and San Telmo among the most popular for local productions.

The BA Audiovisual District is one of the fastest-growing sectors in terms of employment, and the City envisions 63,000 full-time jobs when the Distrito Audiovisual is running at full strength. (Full Story in Spanish)

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GCBA Receives 80 Demo Requests Per Week

On March 29, 2011, In ba government, culture, real estate, by InvestBA
Palermo Hollywood condo under construction in Buenos Aires

A BA Advisory Council now reviews all demo requests for properties built before 1941.

The City of Buenos Aires receives 80 demolition requests per week for old buildings, but that doesn’t mean historic properties are in jeopardy, according to information provided to Clari­n by the GCBA Ministry of Urban Development. Clarin’s Pablo Novillo says the construction boom in Buenos Aires and steady stream of demo requests prompted the City to be more proactive in identifying which buildings have historical significance and need to be preserved.

The buildings in question were built before 1941, and Novillo says the City has already identified those properties in Capital Federal with cultural significance, as well as designated 50 Historic Protection Areas such as the Palermo Parks and the Casco Historico in San Telmo and Monserrat. In the last three years alone, the City government has protected more than 3,000 buildings, while the BA Legislature protected another 575 last year alone.

Legislation enacted in 2007 established the process by which the City would evaluate which buildings can and can not be demolished. Now whenever a developer submits a demo request for a property built before 1941, each request is reviewed by a Historic Affairs Advisory Council which approves or denies the request. If denied, the building is added to GCBA’s catalogue of historic preservation properties.

While that catalogue has a growing backlog, Urban Development Minister Daniel Chai­n says the City of Buenos Aires is close to signing an agreement with the UBA’s Architecture School to get the catalogue completely up to date. (Full Story in Spanish)

For more information about real estate opportunities in Buenos Aires, download IncomeBA and the new issue of InvestBA Privada.

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