IRSA announces the approval of Costa Urbana, its largest project in the southeast of Puerto Madero, BA City
IRSA Inversiones y Representaciones S.A. (NYSE: IRS) announces the approval of its largest project, Costa Urbana, in Buenos Aires. The new regulations allow for the development of approximately 70 hectares with a construction capacity of 895,000 sqm, enabling a mix of residential, commercial, and public spaces. The company will allocate 50.8 hectares for public use and invest up to USD 40 million in infrastructure. CEO Eduardo Elsztain highlights this milestone as a catalyst for growth and employment, aiming to enhance the urban landscape and accessibility to the Río de la Plata.
- Approval of 'Costa Urbana' project, the largest in the company's history.
- Potential construction capacity of approximately 895,000 sqm.
- Allocation of 50.8 hectares for public use, enhancing community benefit.
- Investment of up to USD 40 million in infrastructure and public spaces.
- None.
BUENOS AIRES, Argentina, Dec. 22, 2021 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina announces that yesterday it was published the law from Buenos Aires City Congress approving the Regulations for the development of the property of approximately 70 hectares, owned by the Company since 1997, previously known as "Solares de Santa María", located in front of the Río de la Plata in the South Coast of the Autonomous City of Buenos Aires, southeast of Puerto Madero.
The published law grants a New Standard, designated: "U73 - Public Park and Costa Urbana Urbanization", which enables the combination of diverse uses such as homes, offices, retail, services, public spaces, education, and entertainment.
The Company will have a construction capacity of approximately 895,000 sqm, which will drive growth for the coming years through the development of mixed-use projects.
The Company will destinate 50.8 hectares for public use, which represents approximately
Likewise, the Company will be in charge of the infrastructure and road works on the property and will carry out the public space works contributing up to USD 40 million together with the maintenance of the public spaces assigned for 10 years or until the sum of USD 10 million is completed.
Eduardo Elsztain, President and CEO of the company said: "It is a great milestone, after more than 20 years, to have the approval of the company's largest project that will boost its future growth. We hope to contribute to employment creation and the development of the city with an innovative, modern, and sustainable project, which implies a great opportunity and at the same time, a responsibility. We are convinced of the potential of the real estate industry and its role in the economic reactivation of the country".
"Costa Urbana" will change the landscape of the City of Buenos Aires, giving life to an undeveloped area and will be in an exceptional property due to its size, location and connectivity, providing the City the possibility of expanding and recovering access to the Río de la Plata coast with areas for walks, recreation, green spaces, public parks and mixed uses.
Investor Relations & ESG Department.
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SOURCE IRSA Inversiones y Representaciones S.A.
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