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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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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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China To Back Argentina’s Rail Renaissance

On July 15, 2010, In foreign investment, by InvestBA

The Belgrano Cargas line connects BA with 13 of Argentina's richest commodity-producing provinces.

With close to 30,000 miles of functioning tracks, Argentina’s rail network was one of the world’s most extensive and profitable by the middle of the last century, but you wouldn’t know it by visiting the country today. Sixty years of neglect have left the once robust freight and passenger railroads a rusting shell of their former selves. For example the train connecting Buenos Aires and Córdoba was suspended in 1993, reinstated in 2005, but today the tracks are so dilapidated the 385-mile trip can take as long as two days. The most recent glimmer of hope for a rail renaissance was the 2008 announcement of a Bullet Train (Tren Bala) connecting Buenos Aires and Córdoba, but there has been no progress on that front for two years. Now it seems an Argentina rail renaissance may actually begin with backing and financial support from the world’s largest importer of just about everything: China. No stranger to infrastructure development projects in Africa and the Americas to expedite the flow of commodities she craves, China has committed to work on Argentina rail projects valued at roughly $12 billion. According to Bloomberg, the rail upgrades will take place on the The Belgrano Cargas line, a freight network connecting BA with 13 provinces, and the Ferrocarril Belgrano. Future Chinese-backed infrastructure enhancements in Argentina may also include a $1.8-billion subway system for Córdoba and a rail line extension connecting BA with Ezeiza International Airport.

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A Estrenar: Real Estate Boom in Villa Urquiza

On February 7, 2010, In foreign investment, real estate, by InvestBA
New construction projects in Villa Urquiza offer modern amenities & great views.

Many new construction projects in Villa Urquiza offer modern amenities & greater affordability.

When we reported last week on the 2009 summary statistics for units sold and under construction in the City of Buenos Aires, Palermo was singled out for it’s #1 ranking among neighborhoods in terms of projects under construction last year. Yet, according to Clarín, a closer look at the numbers throws a little cold water on the Palermopalooza and simultaneously spotlights a rising star among BA barrios: Villa Urquiza. The 18,700 sq. ft. under construction in Palermo last year represented a 42% drop compared to 2008; however, the 13,000 sq. ft. under construction in Villa Urquiza (VU) represented a 10% increase compared to 2008. Local real estate analysts attribute the VU boom to good location (inside Capital Federal and adjacent to the General Paz Highway), availability of vacant lots, improving infrastructure (the Subway’s B Line will soon add two new stations in Villa Urquiza) and greater affordability. A quick look at new construction listings in VU reveals ample 2 and 3-room apartment inventory priced below $100,000. Finally, the recent price trajectory in the neighborhood has definitely been up: Prices for new construction in VU have more than doubled from $65/SF in 2003 to $149/SF last year. For more information on real estate opportunities in Villa Urquiza or other neighborhoods of Buenos Aires, please send your inquiry to re@investba.com.

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Subtes, Strikes & The “Anything Goes” Culture

On November 19, 2009, In competitiveness, foreign investment, by InvestBA
BA subway workers threw debris on the tracks to block service November 10.

BA subway workers threw debris on the tracks to block service November 10. (Source: Clarín)

One of the primary goals of InvestBA is to promote trade and investment opportunities in Buenos Aires, but in order to maintain credibility (and not come across as a Chamber of Commerce site), it’s important to highlight the occasional negatives as well. For that reason, “competitiveness” is one of the site’s main categories and these posts typically highlight the challenges Argentina faces in embracing economic transformation and competing on the global stage. Yesterday’s Brazilian article offered a laundry list of things that make BA great including a first-class subway system. Unfortunately, a Subte worker’s strike last week plunged the city into total chaos. The Miami Herald’s Andres Oppenheimer says the hidden costs of these strikes–440 so far this year–probably outweigh the millions of pesos in lost business. On a deeper level, the government’s willingness to let these strikes continue unabated is tantamount to embracing an “anything-goes” culture where chaos reigns and the political agendas of a few penalize millions of hard-working porteños. According to Oppenhemimer, Buenos Aires Mayor Maruicio Macri criticized the federal government at last month’s Americas Conference in Miami saying such protests and street closures only move Argentina “in the direction of an anarchic society, where there will be fewer investments and more poverty.” He added: “You often have just 10 people blocking traffic, and the police are protecting those 10 people instead of the hundreds of thousands who need to go to work. That’s ridiculous.” Indeed.

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