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Banco Ciudad Sees Green in Parque Patricios

On August 27, 2010, In arts & entertainment, creative class, foreign investment, by InvestBA
Banco Ciudad's new headquarters will be a sustainable, distinctive addition to Parque Patricios.

Banco Ciudad's new headquarters will be a sustainable, distinctive addition to the Parque Patricios barrio.

The future just got a little brighter and greener for Banco de la Ciudad, but the green has more to do with architecture than quarterly profits. The Buenos Aires-based bank has been planning a corporate headquarters relocation to the resurgent Parque Patricios neighborhood for some time. After careful evaluation of the 15 proposals by a prestigious panel of local architects, the Bank finally announced the winner of the design contest: London-based Foster + Partners. David Summerfield, one of the firm’s design directors, described the importance of the project and the victory: “The project is Foster + Partners first office development in Argentina and we are looking forward to further developing our designs for Banco Ciudad de Buenos Aires. The plans will create a sustainable, distinctive headquarters for the bank, while drawing on the site’s industrial past to reinforce the unique character of the neighborhood.” The new building will incorporate a variety of sustainable features and should achieve LEED Silver accreditation upon completion. Banco Ciudad president Federico Sturzenegger says the new building will allow his company to streamline operations and reduce both risks and costs associated with operations currently spread out across eight facilities. The announcement is another positive step for the redevelopment of Parque Patricios where the City of Buenos Aires is investing in a Tech District as well as extending the H Line of the Subte. Neighborhood residents should also benefit culturally considering Banco Ciudad’s commitment to the arts and support for annual events like arteBA.

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Cultural Warriors: Why BA Loves Her Books

On August 10, 2010, In arts & entertainment, buenos aires events, culture, tourism, by InvestBA
El Ateneo

When you've got bookstores like this, who needs a Kindle? BA's cultural commitment garners praise.

As governments around the globe are seeking ways to curb spending and slash deficits, Andrew Cohen says “cutting culture” is not an option in Buenos Aires. Cohen, the president of Canada’s Historica-Dominion Institute, pens a smart op-ed praising the cultural commitment one sees daily on the streets of BA from the bookstores to the theater to annual gatherings like arteBA and the Feria del Libro. Cohen describes BA as “a city in love with books” where small, independent booksellers are on equal footing with the big box hipermercados thanks to laws requiring books be sold at the same price throughout the country. He then traces Argentina’s modern-day obsession with books back to the cultural priorities and donations of founding fathers like San Martín and Belgrano. The piece concludes with a 1-on-1 conversation with a serious BA cultural warrior, Hernán Lombardi. “If you don’t invest in culture, you go home,” Culture Minister Lombardi tells Cohen adding “In a crisis, we worry about losing identity. That’s when we need to support culture.” When Lombardi was named Minister of Culture, it coincided with a decision to place the city’s tourism promotion arm under the umbrella of culture. At the time of his appointment in 2007, La Nación said it showed the Macri administration’s commitment to attracting more domestic and foreign visitors to BA for major cultural events. The renovation and re-opening this year of the Teatro Colón was another feather in the City’s ever-expanding cultural cap.  (Cultural Capital by Andrew Cohen)

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Subte Growth Drives Real Estate Development

On August 9, 2010, In foreign investment, real estate, by InvestBA
Subte Corrientes

The Subte's expansion is shaping the residential & commercial landscape of BA barrios. (Photo: La Razón)

Of all the amenities Buenos Aires property buyers look for, one of the most valuable is actually state-owned and underground. The Buenos Aires Subte transports well over 1.5 million passengers a day along six lines, and Micaela Vacca of La Razón says future underground stations are shaping the residential and commercial landscape of the barrios above. “The opening of new stations not only increases ridership, it also revitalizes different areas of the city,” Vacca writes, “a growing subway network acts as an economic motor, generating greater interest and expanding investment in housing and services.” For proof, just look at the recent appreciation of properties in neighborhoods like Flores and Villa Urquiza, one of InvestBA‘s favorite value plays.  Median residential prices in Villa Urquiza rose 10% last year from US$148/SF in 2009 to $163/SF today. In the zone of Urquiza bordered by Roosevelt, Álvarez Thomas, Congreso y Triunvirato, there are 49 new developments under construction, and many of those buildings feature 3 and 4-room apartments meaning developers anticipate more families will move to the subte-enhanced neighborhood. Flores, meanwhile, has seen an 8% growth in median prices since the Púan and Carabobo stations opened on the A Line. The H Line, which began service in 2007, will see the Corrientes station open later this year, while the future Hosptiales and Parque Patricios stations are helping fuel new development in areas like the BA Tech District. From demographics to density, incentives to zoning, developers have multiple factors to consider when choosing the perfect location in BA. Based on this market data, maybe a Subte long-range planning map should be their guide.  (Full article in Spanish)

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Porteño Mills: Outlet Shopping à la BA

On July 18, 2010, In arts & entertainment, lifestyle, tourism, vanityba, by InvestBA
Villa Crespo

Dame Dos: BA's Villa Crespo has quickly become the epicenter of outlet shopping in Argentina.

It used to be that Argentines had to travel roughly 4,500 miles to South Florida or Orlando’s International Drive to indulge in deep discount retail therapy, but it seems the outlet concept has caught on fire in one BA neighborhood. Villa Crespo has long been known as a solid, middle-class residential neighborhood, but the 2001 financial crisis left this BA barrio with several abandoned warehouses and residences. Today, according to Clarín, many of those buildings are being bought for upwards of US$500,000 and converted into the BA equivalent of Sawgrass Mills. The phenomenon began five years ago when several large BA clothing stores started opening their first outlets around Gurruchaga and Aguirre. Today there are over 60 outlets in a four-block zone and close to 100 in a 10-block region. The retail pioneers like Hunor Gobos closed their stores on Avenida Florida five years ago, opened the first VC stores and have watched sales and shoppers grow every year since. Clarín says the Boom de los Outlets has really exploded over the last ten months, and the area is teeming with bargain-seeking tourists, especially Brazilians, Chileans and Uruguayans. Daniel Chain of the Buenos Aires Department of Urban Development says prices in Villa Crespo are still lower than Palermo but says they will continue rising, as Villa Crespo will be one of the prime beneficiaries of GCBA’s new infrastructure to control flooding. As for the name of the new retail zone, some refer to it as Palermo Queens, while others call it Villa Crespo Nuevo. Personally, we like the sound of Porteño Mills. (Full article in Spanish)

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BA’s New Cinderella Neighborhood: Barracas

On June 3, 2010, In foreign investment, lifestyle, real estate, by InvestBA
Barracas

Investors, government officials and developers of projects like Moca see the potential in Barracas.

You can take the boy out of the barrio, but can you take the barrio out of the barrio? That’s the question posed by Jude Webber in a Financial Times analysis of one of Buenos Aires’ rising stars, Barracas. In addition to being three of the most expensive neighborhoods in the city, Webber says, Belgrano, Palermo and Recoleta have lost much of their neighborhood feel or barrio-ness, as working-class families gave way to new commercial and residential construction over the past decade. During the same period, grittier and more industrial Barracas, saw factory closures and falling property values. Those lower prices, along with urban renewal efforts by the City of Buenos Aires government, are now attracting more porteños and foreign investors. Considering it was home to some of BA’s wealthiest families in the 19th century, there is classic architecture on par with Montevideo’s Ciudad Vieja. The abundance of closed factories is also drawing the interest of residential developers. Projects like The Moca, a massive urban redevelopment of an old factory, highlight the potential that exists in Barracas. As one analyst tells Webber, “Barracas has excellent potential. There are millions of square meters available and the possibility for multimillion reconversions.” One New Yorker who owns a converted B&B sums up the cool Barracas vibe: “This neighborhood is definitely up and coming. But I wouldn’t want to see it change totally. I like it a little dirty and arty.” (Full Story)

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