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Alto Palermo Group Announces Major Shopping Center Between Soho, Hollywood

On December 2, 2011, In creative class, lifestyle, real estate, tourism, by InvestBA
Alto Palermo Shopping Palermo Soho Hollywood

The new Alto Palermo galleria will be the new nexus for Palermo Soho and Hollywood shopping and dining.

After decades of dormancy, Avenida Juan B. Justo is rapidly becoming one of the most valuable stretches of real estate in Buenos Aires. The major transportation artery which serves as the auto and rail dividing line between two of BA’s most desirable neighborhoods, Palermo Hollywood and Palermo Soho, will soon be home to a major new shopping center thanks to Alto Palermo SA, the developers behind six of BA’s most exclusive gallerias including Alto Palermo, Patio Bullrich, Galerias Pacifico and Abasto.

According to iProfesional.com, the US$50 million shopping complex will rise on an enormous parcel bordered by Juan B. Justo, Santa Fe, Godoy Cruz and Paraguay. The parcel, formerly owned by the Federal Rail Real Estate Commission, sat dormant for decades in the shadow of the brick train trestle that winds from the Palermo parks toward the southern BA barrios. The Alto Palermo project will now serve as a shopping and dining magnet and catalyst for connecting the Palermo Soho and Hollywood neighborhoods.

The project is scheduled for completion in 18 months which would mean a June 2013 Grand Opening. According to iProfesional, three retail concepts are being considered for the development: a traditional galleria with the same shops found in Alto Palermo and Patio Bullrich, a luxury dining complex called Alto Gourmet, or the first high-end outlet galleria in Buenos Aires to capitalize on the Boom de los Outlets in Villa Crespo.

With Alto Palermo only a mile away, InvestBA believes the greatest potential would be a combination of luxury outlets and high-end dining all under one roof similar to Sawgrass Mills in Florida. The year-round attraction for porteños searching for BA’s finest restaurants together with international visitors including North Americans, Europeans and  Brazilians “who buy everything” would be unbeatable.

We think Porteño Mills has a nice ring to it.  (Full Story in Spanish)

For more information about shopping and dining in Buenos Aires, download the new issue of InvestBA Privada.

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Buenos Aires Outlet Shopping Attracting Bargain-Hunters

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 Clari­n, many of those buildings are being bought for upwards of US$500,000 and converted into the Buenos Aires 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.

Clari­n 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. (Full article in Spanish)

For more information about upscale shopping and luxury living in Buenos Aires, download the new issue of InvestBA Privada.

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