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An unexpected area of the city became the setting for a residential project - La Nacion Propiedades
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www.lanacion.com.ar
April 22, 2025
Contrary to traditional developments, a developer from the interior chose this neighborhood to build a three-hectare development, which has already sold 85% of its units.
By Ariel Goldfarb
The MilAires complex, in Villa Devoto, occupies almost three hectares on Salvador María del Carril Avenue and in front of General Paz Street. Ecipsa Group
In a city where large developments tend to be concentrated in the same neighborhoods—like Palermo , Puerto Madero , or Colegiales —and along the main northern access roads, a company with inland DNA took a countercultural gamble: building a megaproject in an unthinkable area of Villa Devoto , without prior market research and financed in pesos. Although it seemed like a risky bet, the project has established itself as a success story that calls into question the usual places where urban development investments are made.
“If you do a market analysis, Devoto doesn't appear. But that's precisely where we saw an opportunity. Instead of looking at where the demand is, we looked for where there's good land and little supply,” summarizes Jaime Garbarsky , president of Ecipsa. With that logic, the company—which was founded in Córdoba and has operations in eight provinces, as well as Paraguay, Brazil, Israel, and the United States—inaugurated its Buenos Aires presence with MilAires, an 870-unit residential complex occupying almost three hectares on Salvador María del Carril Avenue, with a total projected investment of more than US$140 million.
The project includes five blocks of low-rise buildings spread over a plot of almost three hectares. Ecipsa Group
This is what the land looked like before construction began. It had been occupied by a former industrial plant and remained unused. Google Maps
Launched in 2021, MilAires sold more than 200 units in its first two months . To date, more than 80% of the project has already been sold . “We have become an alternative for those looking for a home to live in, not to speculate. We are not targeting investors who buy for their children, to live better, or to plan for the long term, many of whom are acquiring their first home,” Germán Lorenzo , the company’s commercial manager, told LA NACION .
The project has just inaugurated Aires de Lapacho, the first of the completed buildings, with the delivery of more than 220 units, three months ahead of schedule.
Since its launch, sources at the Ecipsa Group indicated that the square meter started at US$1,800 and has experienced an annual increase of 28%. If this trend continues, they estimate that by 2027—when the entire project is delivered—the value will exceed US$4,500/m².
The heated semi-Olympic pool is one of the common areas Ecipsa Group
However, the proposal goes beyond the financial aspect. “It's not just a housing complex. We seek to create an integrative urban space, with low-rise buildings, green terraces, and a series of amenities geared toward the well-being of residents,” explained Federico Iacomo, Real Estate Director. The first phase, already underway, includes a common infrastructure with a heated pool, gym, spa, dining areas, a yoga area, co-working space, a kids' club, and recreational areas for teenagers, among others.
The gastronomic space functions as a SUM and allows meetings without the need to use the private home.Ecipsa Group
The land, which previously housed an industrial plant, was transformed into a complex of five low-rise residential blocks, with a total of 870 units ranging from one to four bedrooms. Of the approximately 30,000 m² of the property, only half was used for the construction of the units. The remainder was used for green areas and common amenities. "Although some buyers opt for a studio apartment, all have access to more than one and a half hectares of open space," Lorenzo noted.
Night view of the complex, which already has more than 80% of its units sold. Ecipsa Group
With 26 projects under simultaneous development in Argentina and Paraguay, Ecipsa expects to close the year with more than 800 units delivered under its Natania and MilAires brands. However, the company is already underway in a new expansion phase. This year, it will launch a second project in the Buenos Aires province of San Martín, on land acquired from IRSA, where the Nobleza Piccardo and General Motors plants previously operated. This new project, which will cover more than 600,000 m², will include 6,800 residential and commercial units.
www.buysellba.com
Source:
Una zona impensada de la Ciudad se transformó en el escenario de un proyecto residencial
A contramano de los polos tradicionales, una desarrolladora del interior eligió este barrio para levantar un emprendimiento de tres hectáreas, que ya vendió el 85% de sus unidades
www.lanacion.com.ar
April 22, 2025
Contrary to traditional developments, a developer from the interior chose this neighborhood to build a three-hectare development, which has already sold 85% of its units.
By Ariel Goldfarb
The MilAires complex, in Villa Devoto, occupies almost three hectares on Salvador María del Carril Avenue and in front of General Paz Street. Ecipsa Group
In a city where large developments tend to be concentrated in the same neighborhoods—like Palermo , Puerto Madero , or Colegiales —and along the main northern access roads, a company with inland DNA took a countercultural gamble: building a megaproject in an unthinkable area of Villa Devoto , without prior market research and financed in pesos. Although it seemed like a risky bet, the project has established itself as a success story that calls into question the usual places where urban development investments are made.
“If you do a market analysis, Devoto doesn't appear. But that's precisely where we saw an opportunity. Instead of looking at where the demand is, we looked for where there's good land and little supply,” summarizes Jaime Garbarsky , president of Ecipsa. With that logic, the company—which was founded in Córdoba and has operations in eight provinces, as well as Paraguay, Brazil, Israel, and the United States—inaugurated its Buenos Aires presence with MilAires, an 870-unit residential complex occupying almost three hectares on Salvador María del Carril Avenue, with a total projected investment of more than US$140 million.
The project includes five blocks of low-rise buildings spread over a plot of almost three hectares. Ecipsa Group
This is what the land looked like before construction began. It had been occupied by a former industrial plant and remained unused. Google Maps
Launched in 2021, MilAires sold more than 200 units in its first two months . To date, more than 80% of the project has already been sold . “We have become an alternative for those looking for a home to live in, not to speculate. We are not targeting investors who buy for their children, to live better, or to plan for the long term, many of whom are acquiring their first home,” Germán Lorenzo , the company’s commercial manager, told LA NACION .
The project has just inaugurated Aires de Lapacho, the first of the completed buildings, with the delivery of more than 220 units, three months ahead of schedule.
Since its launch, sources at the Ecipsa Group indicated that the square meter started at US$1,800 and has experienced an annual increase of 28%. If this trend continues, they estimate that by 2027—when the entire project is delivered—the value will exceed US$4,500/m².
The heated semi-Olympic pool is one of the common areas Ecipsa Group
However, the proposal goes beyond the financial aspect. “It's not just a housing complex. We seek to create an integrative urban space, with low-rise buildings, green terraces, and a series of amenities geared toward the well-being of residents,” explained Federico Iacomo, Real Estate Director. The first phase, already underway, includes a common infrastructure with a heated pool, gym, spa, dining areas, a yoga area, co-working space, a kids' club, and recreational areas for teenagers, among others.
On demand
One of the project's characteristics is its flexibility. Rather than adhering to a predefined typology, Ecipsa adapted the design to meet actual market demand. "At first, we offered smaller units, but we quickly discovered that the buyer profile included families looking for a place to live. This led us to adjust the project, incorporating two- and three-bedroom units . Thus, it has evolved according to the buyers' needs," explained Pedro Bustos, the company's vice president.
The gastronomic space functions as a SUM and allows meetings without the need to use the private home.Ecipsa Group
The land, which previously housed an industrial plant, was transformed into a complex of five low-rise residential blocks, with a total of 870 units ranging from one to four bedrooms. Of the approximately 30,000 m² of the property, only half was used for the construction of the units. The remainder was used for green areas and common amenities. "Although some buyers opt for a studio apartment, all have access to more than one and a half hectares of open space," Lorenzo noted.
Finance in pesos
For more than four decades, Ecipsa has financed its projects in pesos through indexed contracts. According to the firm, this method seeks to offer predictability to buyers, in a context where many developers opt for dollar-denominated transactions. "Those who financed themselves in dollars are now facing inflation in that currency," Garbarsky noted.
Night view of the complex, which already has more than 80% of its units sold. Ecipsa Group
With 26 projects under simultaneous development in Argentina and Paraguay, Ecipsa expects to close the year with more than 800 units delivered under its Natania and MilAires brands. However, the company is already underway in a new expansion phase. This year, it will launch a second project in the Buenos Aires province of San Martín, on land acquired from IRSA, where the Nobleza Piccardo and General Motors plants previously operated. This new project, which will cover more than 600,000 m², will include 6,800 residential and commercial units.
www.buysellba.com
