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Puerto Madero turns 35: how it went from being abandoned to being the most expensive neighborhood in Latin America - Infobae
Source:
www.infobae.com
September 28, 2024
The refurbishment of old docks and warehouses was followed by the tallest towers in the country, which gave profile to the youngest neighborhood in CABA. Luxury is the protagonist, attracting demand and integrating the premium real estate market.
By Jose Luis Cieri
General view of Puerto Madero, the most expensive neighborhood in the region (Photo: Agustín Marcarian/REUTERS)
Puerto Madero, a highly sought-after location in the city of Buenos Aires, is celebrating the 35th anniversary of the beginning of its transformation. The recovery process began in 1989 with the creation of the Corporación Antiguo Puerto Madero, a corporation formed by the National State and CABA. At that time, the main objective was to reconvert the old port area and connect the city with the river.
The old port docks and grain warehouses were transformed into luxury multi-purpose buildings. Then came the towers that today outline the profile and mark the roof of Argentina and South America. The so-called “youngest neighborhood” of CABA boasts the Alvear Tower , the tallest residential tower in the region, at 235 meters high.
The recovery of Puerto Madero covered 170 hectares intended for the expansion of the central area of the city. This project revitalized the area and also consolidated it as a residential, gastronomic, cultural and business center, in addition to providing a green and recreational lung.
Several decades passed between its expansion stage and its decline in the 20th century, but from 1989 until today, the neighborhood has registered constant growth.
Image from yesteryear when the old docks were used for grain storage and marketing (Photo Courtesy: Metropolitan Planning Corporation)
The Corporación Antiguo Puerto Madero, which did not receive public funds, financed the infrastructure through the gradual sale of land, starting with the warehouses in the north (which had a higher value due to their proximity to Retiro). Today, the Corporación de Planeamiento Metropolitano (CPM, since its name has changed) has completed a large part of the project, which includes a road network, underground service pipelines, opening of streets and 28 hectares of green spaces, in addition to the rehabilitation of the Costanera Sur.
“As for the road system, a wide network of boulevards, avenues and streets with concrete curbs and ramps for the disabled was developed, an innovative element for the city's urban planning at that time. Currently, the project is almost complete, with approximately 1,500,000 square meters of built surface area,” Agustina Olivero Majdalani , president of the CPM, told Infobae.
View of another Puerto Madero. Thirty-five years ago, all the works were financed by the sale of land and concessions (Photo Courtesy: Metropolitan Planning Corporation)
This is what the docks and the unused area looked like towards the end of the 80s
Neighborhood timeline:
A current image showing the urban change that brought back this part of the city (Photo Courtesy: Metropolitan Planning Corporation)
The Paseo del Bajo shows the progress of Puerto Madero (Photo Courtesy: San Román Properties)
The iconic Puente de la Mujer in the youngest neighborhood of CABA
Olivero Majdalani highlights the range of services offered as another important factor. “Puerto Madero offers restaurants, boutiques and cultural facilities that attract both residents and foreign investors. The security and planning of the neighbourhood reinforce its premium status,” he explained.
As for demand, Majdalani stressed that a lack of available land has kept prices high, and national and international demand ensures that values are maintained, reinforcing the exclusivity of the area.
Los Molinos, part of the bet of businessman Alan Faena who designed his own urban district in Puerto Madero
Currently, the CPM is developing projects such as the Parques del Bajo and the CNBA-UBA Sports Center, which continue to attract investment and enhance the value of the neighborhood. These initiatives consolidate its position as one of the most exclusive in Buenos Aires.
View from Oceana, one of the latest buildings opened there
Historical elements such as restored docks and cranes also add to its appeal. “These structures contrast with modern skyscrapers, creating a unique environment where the industrial past blends with modernity,” concludes Majdalani.
The Alvear Tower stands out among the neighboring towers
Architect Jorge Moscatelli , from Situar Inmobiliaria, said that “Puerto Madero not only revitalized the coast of the Río de la Plata, but also created the green spaces necessary for the city, integrating the docks, the nautical area and the proximity to the Ecological Reserve. This attraction, added to its security, attracts both residents and visitors on weekends.”
Moscatelli added that, despite the rise of delivery, retail and local commerce continues to grow in the area. As for prices, one-bedroom units in premium towers reach USD 400,000, while to-bedroom units reach USD 600,000.
A two-bedroom apartment overlooking the water and the docks
The largest (over 400 m2) and most luxurious duplexes and penthouses can cost up to $6,000,000, and rents range from $550 to $28,000 per month (also in very select homes).
The Alvear Tower, opened less than 5 years ago, is the tallest building in Argentina and houses the highest Sky Bar in the country.
One of the largest penthouses in Puerto Madero (Photo Courtesy: Ramos Couriel Real Estate)
Andrés Kalwill , from the Alvear Group's new projects, highlighted that buyers are looking for quality, comfort and top-level amenities, such as swimming pools, gyms and tennis courts. "Luxury properties in Puerto Madero reflect a lifestyle similar to an urban country house."
Those interested in this type of property value the highest quality of construction and superior comfort, as well as access to services that are difficult to find in a traditional home.
The units there for sale or rent offer unique views
According to the sector, most of the owners in Puerto Madero are Argentines who value good taste and the spacious size of the apartments.
High-quality materials such as marble, silestone and American oak, together with smart technology, reflect the luxury and exclusivity of the premium market.
Properties equipped with smart features, sophisticated materials and even their own elevators are part of some of the homes currently on the market there.
“In addition, the presence of amenities such as restaurants, children's playgrounds and recreational areas transformed these buildings into iconic postcards of Buenos Aires,” concluded Kalwill.
www.buysellba.com
Source:
Puerto Madero cumple 35 años: cómo pasó del abandono a ser el barrio más caro de América Latina
A la refuncionalización de antiguos docks y depósitos le siguieron las torres más altas del país, que le dieron perfil al barrio más joven de CABA. El lujo es protagonista, atrae demanda e integra el mercado inmobiliario premium
www.infobae.com
September 28, 2024
The refurbishment of old docks and warehouses was followed by the tallest towers in the country, which gave profile to the youngest neighborhood in CABA. Luxury is the protagonist, attracting demand and integrating the premium real estate market.
By Jose Luis Cieri
General view of Puerto Madero, the most expensive neighborhood in the region (Photo: Agustín Marcarian/REUTERS)
Puerto Madero, a highly sought-after location in the city of Buenos Aires, is celebrating the 35th anniversary of the beginning of its transformation. The recovery process began in 1989 with the creation of the Corporación Antiguo Puerto Madero, a corporation formed by the National State and CABA. At that time, the main objective was to reconvert the old port area and connect the city with the river.
The old port docks and grain warehouses were transformed into luxury multi-purpose buildings. Then came the towers that today outline the profile and mark the roof of Argentina and South America. The so-called “youngest neighborhood” of CABA boasts the Alvear Tower , the tallest residential tower in the region, at 235 meters high.
The recovery of Puerto Madero covered 170 hectares intended for the expansion of the central area of the city. This project revitalized the area and also consolidated it as a residential, gastronomic, cultural and business center, in addition to providing a green and recreational lung.
The origin and the change
The neighborhood owes its name to Eduardo Madero, a merchant who presented three projects for the construction of the city's port, the last of which was approved in 1882 by the then president of the nation, Julio Argentino Roca . Infobae recalled the history of how this area was born, mentioning two of the main architects of the neighborhood: Eduardo Madero and the engineer Luis Huergo .Several decades passed between its expansion stage and its decline in the 20th century, but from 1989 until today, the neighborhood has registered constant growth.
Image from yesteryear when the old docks were used for grain storage and marketing (Photo Courtesy: Metropolitan Planning Corporation)
The Corporación Antiguo Puerto Madero, which did not receive public funds, financed the infrastructure through the gradual sale of land, starting with the warehouses in the north (which had a higher value due to their proximity to Retiro). Today, the Corporación de Planeamiento Metropolitano (CPM, since its name has changed) has completed a large part of the project, which includes a road network, underground service pipelines, opening of streets and 28 hectares of green spaces, in addition to the rehabilitation of the Costanera Sur.
“As for the road system, a wide network of boulevards, avenues and streets with concrete curbs and ramps for the disabled was developed, an innovative element for the city's urban planning at that time. Currently, the project is almost complete, with approximately 1,500,000 square meters of built surface area,” Agustina Olivero Majdalani , president of the CPM, told Infobae.
View of another Puerto Madero. Thirty-five years ago, all the works were financed by the sale of land and concessions (Photo Courtesy: Metropolitan Planning Corporation)
In stages
Stages of development of the recovery of Puerto Madero:- (1989–1992) - The company was formed and properties in the western part of the harbour were sold, initiating redevelopment and covering initial costs. In 1991, the National Ideas Competition was launched. Historic buildings, such as warehouses, were restored to combine heritage and development.
- (1993–1995) - The urban planning project was drawn up and the regulations were presented. The plan included commercial, cultural and recreational activities, as well as the creation of metropolitan-scale parks. Although the original plan gave priority to offices, residences ultimately accounted for 64% of the buildings, along with hotels and complexes such as the Faena Arts Center and the Fortabat Museum.
This is what the docks and the unused area looked like towards the end of the 80s
- (1996–2000) - Most infrastructure projects were completed, financed by the sale of land. Investors shifted from small and medium-sized businesses to large firms.
- (2001–2014) - There were two phases in this stage: the first (2001-2003) was marked by the economic crisis, slowing down urbanisation. The second (2004-2014) focused on the development of Dock 1, south of Puerto Madero.
- (2014–present) - The last stage included the development of the technical preliminary project for the Autopista Ribereña, today Paseo del Bajo, in collaboration with AUSA.
Neighborhood timeline:
- 1989 - Creation of the Antiguo Puerto Madero SA Corporation.
- 1990 - National Ideas Competition for Puerto Madero.
- 1991 - Creation of the U32 Heritage Protection District.
- 1994 - Approval of the U11 Puerto Madero district and opening of the first historic docks.
A current image showing the urban change that brought back this part of the city (Photo Courtesy: Metropolitan Planning Corporation)
- 1995 - Competition for New Green Areas and Revitalization of the Costanera Sur.
- 1997 - Opening of the Puerto Madero Yacht Club.
- 1998 - Inauguration of the Telecom Building.
- 1999 - Replacement of the first metal swing bridge from 1885.
- 2001 - Inauguration of the Women's Bridge.
- 2003 - Opening of the Micaela Bastidas Park and Tower 1 of the El Faro Towers.
- 2007 - Opening of the Argentine Women Park.
- 2008 - Opening of the YPF Tower and the Fortabat Museum.
- 2011 - Inauguration of the last swing bridge on Avenida Córdoba.
- 2016 - National Ideas Competition for the Paseo del Bajo.
The Paseo del Bajo shows the progress of Puerto Madero (Photo Courtesy: San Román Properties)
- 2019 - Opening of the Paseo del Bajo.
- 2019-2024 - Opening of phases of the Bajo Parks.
Valorization
Despite the growth of other premium neighborhoods , such as Belgrano or Palermo, Puerto Madero remains the most sought-after in Argentina and Latin America, with an average value of USD 5,735 per square meter in the used market and USD 6,600 for brand new units.
The iconic Puente de la Mujer in the youngest neighborhood of CABA
Olivero Majdalani highlights the range of services offered as another important factor. “Puerto Madero offers restaurants, boutiques and cultural facilities that attract both residents and foreign investors. The security and planning of the neighbourhood reinforce its premium status,” he explained.
As for demand, Majdalani stressed that a lack of available land has kept prices high, and national and international demand ensures that values are maintained, reinforcing the exclusivity of the area.
Los Molinos, part of the bet of businessman Alan Faena who designed his own urban district in Puerto Madero
Currently, the CPM is developing projects such as the Parques del Bajo and the CNBA-UBA Sports Center, which continue to attract investment and enhance the value of the neighborhood. These initiatives consolidate its position as one of the most exclusive in Buenos Aires.
View from Oceana, one of the latest buildings opened there
Historical elements such as restored docks and cranes also add to its appeal. “These structures contrast with modern skyscrapers, creating a unique environment where the industrial past blends with modernity,” concludes Majdalani.
From the select real estate market
The real estate market has begun to recover, with a 10% year-on-year rise in several neighbourhoods, although Puerto Madero, thanks to its exclusivity, has better defended its values in recent years.
The Alvear Tower stands out among the neighboring towers
Architect Jorge Moscatelli , from Situar Inmobiliaria, said that “Puerto Madero not only revitalized the coast of the Río de la Plata, but also created the green spaces necessary for the city, integrating the docks, the nautical area and the proximity to the Ecological Reserve. This attraction, added to its security, attracts both residents and visitors on weekends.”
Moscatelli added that, despite the rise of delivery, retail and local commerce continues to grow in the area. As for prices, one-bedroom units in premium towers reach USD 400,000, while to-bedroom units reach USD 600,000.
A two-bedroom apartment overlooking the water and the docks
The largest (over 400 m2) and most luxurious duplexes and penthouses can cost up to $6,000,000, and rents range from $550 to $28,000 per month (also in very select homes).
The Alvear Tower, opened less than 5 years ago, is the tallest building in Argentina and houses the highest Sky Bar in the country.
One of the largest penthouses in Puerto Madero (Photo Courtesy: Ramos Couriel Real Estate)
Andrés Kalwill , from the Alvear Group's new projects, highlighted that buyers are looking for quality, comfort and top-level amenities, such as swimming pools, gyms and tennis courts. "Luxury properties in Puerto Madero reflect a lifestyle similar to an urban country house."
Those interested in this type of property value the highest quality of construction and superior comfort, as well as access to services that are difficult to find in a traditional home.
The units there for sale or rent offer unique views
According to the sector, most of the owners in Puerto Madero are Argentines who value good taste and the spacious size of the apartments.
High-quality materials such as marble, silestone and American oak, together with smart technology, reflect the luxury and exclusivity of the premium market.
Properties equipped with smart features, sophisticated materials and even their own elevators are part of some of the homes currently on the market there.
“In addition, the presence of amenities such as restaurants, children's playgrounds and recreational areas transformed these buildings into iconic postcards of Buenos Aires,” concluded Kalwill.
www.buysellba.com
