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The new Palermo: The trendy area that does not stop growing and has four neighborhoods in one
December 8, 2023
Villa Crespo is one of the new stars of the city, chosen to live, go out, shop and eat out
By Maria Eugenia Usatinsky
Villa Crespo maintains the essence of the neighborhood and is open to renovation with new buildings and businesses, making it one of the most sought-after places to live.
Just as various subvariants of Palermo emerged from Soho, Hollywood, Viejo, Chico to the youngest, the Green, it could be said that there is no longer a single Villa Crespo. In general terms, much of the essence, idiosyncrasy and spirit of this neighborhood, which is located in the geographical center of the city of Buenos Aires, remains. However, the activity that is generated around its main commercial points spills over into its surroundings, nourishes it, summons it and transforms it.
Emerged around 1880, it is limited by Córdoba, Estado de Israel, Ángel Gallardo, San Martín avenues, Paysandú street, Warnes and Dorrego avenues, and the General San Martín railroad tracks. Although it is characterized by being middle class, having numerous means of transportation and important corridors that run through it, its growth revolves around the central arteries and the microzones that drive its commercial life.
Based on cultural, gourmet, fashion and trendy proposals that have been installed in Villa Crespo in recent years, the public and its residents have been renewing themselves. And, with this, the investments and real estate projects that are built in the neighborhood multiply.
Investments and real estate projects built in the neighborhood are multiplying.
The neighborhood also houses the first green street in the city: Vera, between Lavalleja and Corrientes, in Villa Crespo. The idea arose within the framework of the 48 Streets plan devised by Carlos Moreno, the urban planner who has been working for years on the concept of 15-minute cities in different places around the world, such as Paris, Shanghai, London, Barcelona and Madrid. The choice of the street was not coincidental: Vera is now pedestrian thanks to the fact that they detected alternatives so that traffic could be diverted and a series of services and cultural activities to turn it into a car-free area. The plan is to replicate it in other Buenos Aires areas.
A section of Vera Street became a green street in Villa Crespo
According to Diego Migliorisi, owner of Migliorisi Propiedades, Villa Crespo is one of the areas that “is growing the most and has the greatest projection in the city of Buenos Aires. It is a multifaceted neighborhood and the most bohemian. "It now has nothing to envy of its neighbor Palermo."
The neighborhood of neighborhoods
The basis for this statement is that there are “several sub-neighborhoods that began to develop simultaneously and converge, which mutually enhances them.” According to the broker, 12 subzones are identified in Villa Crespo, but four are growing “by leaps and bounds” : the blocks around the headquarters of the insurance company La Caja de Ahorro; the surroundings of the Movistar Arena; the blocks included by Juan B. Justo and Corrientes avenues, and Murillo and Gurruchaga streets; and that of the outlets, which is located near the intersection of Aguirre and Gurruchaga.These four areas that connect and limit each other, added to the large number and diversity of means of transport available (buses and Metrobus, subway and railway) and the proximity of large green areas such as the Parque de los Andes or the Centenario, In addition to the close influence of Palermo, they make “the growth projection of Villa Crespo really important,” says Migliorisi.
The Parque de los Andes is one of the green proposals in the neighborhood
It is positioned as one of the most sought-after neighborhoods by young people and families
For Javier Butman, partner and manager of Construction Management at Metropolitan, a developer with more than 10 years of presence in the area, this neighborhood “has stopped being forgotten for years to position itself as one of the most sought after by young people and families with history in the place. "They are people who decide to live in a quiet neighborhood, well located, with good access and with all the comforts within reach, who today see their need to turn to new products satisfied without the obligation to uproot themselves."
When talking about prices depending on the location and the level of finishes and amenities, the specialists consulted detail that the range of the well units is between US$1,500 and US$2,200/m²; while used ones average US$1800/m²; and those that are brand new, between US$2,100 and US$2,500/m².
And when considering the incidence values, they are US$300 and US$500/m², which shows a notable difference with the numbers of Palermo, where, being already consolidated and with low availability of land, the values climb to practically double those of the neighboring neighborhood (US$800/m²).
The range of well units is between US$1,500 and US$2,200/m²; while used ones average US$1800/m²; and those that are brand new, between US$2,100 and US$2,500/m²
Migliorisi explains that this happens because in Villa Crespo “there are still many lots to build on because it is an area that is growing little by little and, precisely, that is what developers see as interesting: the potential.”
In the first mentioned microzone, “more than 20 office and residential developments are developed and there are a hundred stores, particularly between Juan B. Justo, Córdoba, Dorrego and Corrientes,” says Migliorisi, who sells in the “new Villa Crespo”, Palacio Butka, a seven-story building located in Castillo at 1600 that will be delivered in December 2024.
Movistar Arena Effect
The surroundings of the Movistar Arena located at Humboldt 450 is another area that is growing. Given the periodic flow of more than 15,000 people who attend each show held there, new gastronomic points and cultural centers were installed and, in their surroundings, the demand for temporary rentals was boosted.This business – which is booming in the market since it triples the profitability of the owners compared to traditional rentals – aims to accommodate people from inside and outside who travel to see one of the shows offered in that micro-stadium throughout the year. year, to tourists and those who arrive for work or other personal reasons.
The Movistar Arena revitalized a devalued area of the neighborhood
“The Arena transformed a devalued area into a commercial phenomenon. Since it is one of the most in-demand stadiums, with a public that consumes gastronomy inside and outside the property, many properties have appreciated,” describes Migliorisi, who insists that the area grows every day.
Two blocks away, construction is progressing on Humboldt Stone, a double-front building at Humboldt 682 that will be delivered in December 2024.
Recitals, children's shows and other events are held throughout the year, attracting an average of 15,000 people.
Another subzone is between Juan B. Justo and Corrientes avenues, and Murillo and Gurruchaga streets. There, developments suitable for tourist and temporary rentals are also gaining ground, such as Murillo 964, with immediate delivery.
The gastronomic and commercial hub
Around the intersection of Aguirre and Gurruchaga streets, where outlets of leading fashion brands abound, there is a gradual reconversion and “a new gourmet pole in which gastronomy becomes strong” is advancing, says Migliorisi.
There is a high circulation of people due to its connectivity with the rest of the neighborhoods and their commercial hubs.
Villa Crespo has an attractive shopping area with outlet stores, which is located near the intersection of Aguirre and Gurruchaga.
On weekends, traffic intensifies in the outlet area.
In addition to the bars and restaurants that emerged between the clothing and sports stores, Mercat was inaugurated after the pandemic. This new European markets-style space for gastronomic experiences located at 700 Thames, attracts a large number of people daily and contributes to enhancing the dynamics of the neighborhood.
Agustín Walger, director of Real Estate Entrepreneurship and Development at Lepore, confirms that in this area “a synergy is generated that also makes developers see it as an option” to invest. This real estate agency cites as an example that, a few blocks away, at Jufré 302, Jufré House is being built with one-bedroom units starting at US$53,000 and two-bedroom units starting at US$86,500. Another case is the 12-story building that is advancing at Scalabrini Ortiz 326, near the intersection with Corrientes Avenue, which will be delivered in December 2024. “In this case the two rooms are offered at US$104,000,” he details.
For his part, Rodrigo Saldaña, commercial manager of Oslo Properties, agrees that in the surrounding area there was a “proliferation of real estate developments , becoming an area highly sought after by companies to build buildings.” The broker sells Win Araoz. This project is developed by Meet In Real Estate. Their commercial manager, Maximiliano Mauricio, explains the reasons that led them to invest in this neighborhood: “We believed in its potential. A slight transformation had been emerging at the enterprise level, with greater infrastructure, with a more sophisticated design. Furthermore, the main advantage it has is its positioning within the city.”
A neighborhood that is an option for young people due to its wide range of bars and restaurants.
Villa Crespo is among the neighborhoods “with the most queries by portal users” and, compared to the rest of the projects that this company develops in Palermo and Belgrano, this neighborhood “reaches a similar demand.”
Likewise, the proximity to Palermo and the main arteries with alternatives to get around, "places it strategically for those looking to acquire their first home, for growing families and for the investor."
Promising future
According to Walger, Villa Crespo has the particularity of being one of the most benefited neighborhoods for building after the latest adjustments to the Urban Code : “The zoning changed to the USAM category and in most locations permits were increased to five or seven. floors and two retreats. This tripled the meters and made real estate developers look at Villa Crespo with great attraction, putting it in the top 10 of the ranking of the most requested by buyers.”According to their experience, the most sought-after locations are those in the internal blocks on both sides of Corrientes Avenue, between Juan B. Justo and Scalabrini Ortiz, close to the subway stations.
Beyond this quartet, there are other brokers also gaining interest from real estate developers in the neighborhood. One of them is the axis of Honorio Pueyrredón Avenue, whose boulevard and wide, tree-lined sidewalks that extend for several blocks make properties there highly sought after. At 1600, the developer Planalto advances with the construction of Proyecto Amazonia, a project with a strong green imprint, which consists of an 11-story semi-tower with 38 units.
The work on Honorio Pueyrredón Avenue converted half of the street into a green and pedestrian area
This venture has more than 70% of the units sold. Hernán Chammah, owner of this developer, is new to the neighborhood since his previous ventures were in Palermo. Although “it is a market that I did not know about,” he says that he “loves” that avenue because the blocks “are very wide and bright, you can park and it is not noisy .” It is one of the most beautiful in Buenos Aires . “There is a lot of sun and trees.”
“In addition,” adds the businessman, “many trendy places are opening in the area. The same thing happened when I started building Hollywood in Palermo, which later became filled with bars and young, funky people. It is an upcoming area and with my development I help the place, to change the block and the land begins to be worth twice as much.”
According to Chammah's vision, this neighborhood “in three years will be another place, there are not many that have this potential. It is a very good point because it converges with Caballito, where there are many people with high purchasing power, and it is very well connected and consolidated.”
Urban integration
The elevation of the San Martín railway transformed the area “in a forceful way”, by connecting this neighborhood directly with Palermo, according to Migliorisi. Although it remains to enable the commercial areas that will open under the layout of the viaduct, this work raised the value of the properties that were trapped behind the bridge and allowed development to continue near Juan B. Justo Avenue, from Santa Fe to Villa Crespo and Paternal.
Villa Crespo train station of the San Martín train
The demolition of the bridge and the construction of the San Martín railway viaduct "were key to the development of the neighborhood since the entire cordon that remained between the avenue and the railway was dark, dangerous and discouraged any type of investment in the area," he highlights. Walger.
The neighborhood was changing its appearance and becoming an area in which, through public-private investment, “its true potential began to be made visible.” Within it, the area that they believe has the most possibilities of growing is the one closest to the Chacarita neighborhood because "there is still a large amount of land available" and there is also access to subway B. "Even there there is already large developments such as the Mirabilia offices, which are under advanced construction,” concludes Saldaña.
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