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Real Estate News Banco Nación: What's Next for the 8-Year Abandoned Building? - La Nacion Propiedades

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Banco Nación: what will work in the building under construction that has been stopped for 8 years and that keeps the people of Buenos Aires awake at night - Infobae

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September 24, 2024


The project had been on hold since 2016 and, after several attempts to sell it, it was now decided to resume work to make a smart office building.





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For years, a large grey skeleton that was never finished has been observedRicardo Pristupluk



Passing by the corner of Hipólito Yrigoyen and Saavedra avenues, in the Balvanera neighborhood of the city of Buenos Aires, one can see, for years, the great skeleton of a building that the Banco de la Nación Argentina (BNA) began planning in 2011 and never finished . Now, the entity confirmed that, after several failed attempts, it decided to resume the project .

The construction , which was on hold for years, is located on a 3,344 square meter plot of land and is estimated to have 25,396 m² of covered area . The almost completely built structure, of which only the columns and some walls are visible, will have 16 open-plan floors and three levels designed for the machine room, and three basements for 225 parking spaces .

The large cement-colored skeleton that has been on that corner for years is expected to require an estimated investment of US$40 million and will be inaugurated at the end of 2027, coinciding just with the end of Javier Milei's presidential term.

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According to the information that could be obtained about how the finished project will be , it was learned that it will be a completely glass building built on several levels with terraces that will probably serve as common areas. As the building rises, it reduces in size .





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The building under construction of the Banco Nación in Hipólito Yrigoyen and Saavedra that was abandoned and is now resuming work Ricardo Pristupluk



The story of the building that never was

The building is not foreign to the city or the bank. In 1998, Banco Nación acquired the land after executing a guarantee offered by the company J. Vazquez Iglesias SA, dedicated to the manufacture of vehicles. However, it was not until 2011 that the first step was taken towards construction under the name of Torre Saavedra, with the aim of moving the offices of the different companies of the Grupo Nación, such as Nación Seguros, Nación Fideicomiso and Nación Bursátil. But the work was stopped in 2016 and in 2019, during the government of Mauricio Macri, the contracts were terminated due to problems with not meeting the established deadlines , thus confirming its abandonment. In 2020, the plans were resumed, but the COVID-19 pandemic caused it to be stopped again.

Until in 2022 they decided to put the building up for sale as it was for US$16 million , but the operation never came to fruition and was attempted again in March 2023, but also failed .

Originally, the bank's objective was to use the tower for the bank's archives and administrative offices .





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The tower will have 16 open-plan floors and three levels designed for the machine room.Ricardo Pristupluk



After these failed attempts to sell the building in its current state , Banco Nación decided to go ahead and complete the work . Under the presidency of Daniel Tillard, it relaunched the project, this time with a more ambitious approach : to build a smart AAA-grade building that meets the highest environmental and technological standards . It is expected to have around 1,800 employees, who will be relocated from the Central Office in Plaza de Mayo and other buildings that the bank currently rents in downtown Buenos Aires.
 
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