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 71% of the total area of the property and
will contribute with three additional lots of the property, two for
the Sustainable Urban Development Fund and one for the Innovation
Trust, Science and Technology of the Government of the Autonomous
City of Buenos Aires, to which the sum of USD 2 million in cash and the amount of 3,000,000
sovereign bonds (AL35) will also be contributed.
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.
+ 5411 4323-7449
ir@irsa.com.ar
https://www.irsa.com.ar/home-inversores.php?lng=en
Follow us on Twitter @irsair
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SOURCE IRSA Inversiones y Representaciones S.A.