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 portenos searching for BA’s finest restaurants together with international visitors including North Americans, Europeans and Brazilians “who buy everything” would be unbeatable. (Full Story in Spanish)
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