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The iconic Buenos Aires area that promises to have the city's most emblematic luxury projects - La Nacion Propiedades
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www.lanacion.com.ar
April 29, 2025
This is an area that used to be one of the top in the city and today has several projects that could drive a renaissance.
By Maria Josefina Lanzi
The keys that could revive one of the most iconic areas of Buenos Aires.Ricardo Pristupluk
In the heart of Retiro Park, Plaza San Martín is one of the areas that historically housed Recoleta's most coveted buildings. However, the pandemic hit it hard, but today it's back on investors' radar. In fact, a few days ago, the auction of a plot of land in a strategic location was announced, which could boost the site's redevelopment process .
Indeed, the ABBE will auction off a plot of land located at 724 Juncal Street, between Basavilbaso and Esmeralda Streets, on Tuesday, April 29, with a base price of US$13,080,569. This lot includes several properties, which serve as parking lots and warehouses, totaling 2,090 square meters. "The land is the starting point for building a project that modernizes and enhances an area. In other words, if quality properties are built, it ultimately increases the value of the surrounding areas," says Martín Boquete, director of Toribio Achával.
Plaza San Martín houses several architectural developments that made that area one of the most coveted for a long time. Ricardo Pristupluk
“The auction of the land in Juncal and Basavilbaso represents a significant opportunity for real estate development in an area with significant heritage value and potential for appreciation ,” agrees architect Jonathan Balbis, development manager at Spazios, the developer with 190,000 m² of land under construction in Buenos Aires and the western corridor.
The potential that the experts speak of is based on the fact that, although the place suffered from the vacancy of commercial premises and offices after the pandemic, the area is surrounded by iconic buildings: from the Kavanagh , declared a World Heritage Site of Modern Architecture by UNESCO, to the Paz Palace of the Military Circle and its recently built annex. Not to be missed are the Anchorena Palace , the ceremonial headquarters of the Ministry of Foreign Affairs, and the Plaza San Martín Building , among others. In addition, meters from the site are also located the Estrugamou Palace and the elegant Arroyo Street, full of art galleries, designer shops, restaurants, award-winning bars, embassies and the five-star hotel of the Spanish chain Único Hotels.
Balbis explains that, according to the new Urban Planning Code, approved in December 2024, the land to be auctioned this Tuesday is located within a High-Rise Sustainability Unit (USAA), which allows for a maximum elevation of 22.8 meters, equivalent to a ground floor, seven stories, and two lower levels, or nine stories in total. However, he clarifies that, given that the regulations allow for the possibility of leveling with taller neighboring buildings, as is the case here, which has a neighboring 12-story building, there would be the option of building a project up to that height . It should also be noted that one of the buildings adjacent to the land is the San Martín Palace, a lower building with historical protection, and that the code establishes that, in these cases, they must build three meters away from the dividing line.
The Kavanagh Building, declared a World Heritage Site of Modern Architecture by UNESCO.Ricardo Pristupluk
Plaza San Martín is one of the areas of Buenos Aires that used to be the most popular in the city.Ricardo Pristupluk
The Anchorena Palace is another of the architectural gems that the area offers.Ricardo Pristupluk
The development of this property could further consolidate the appreciation of the area surrounding Plaza San Martín, contributing to the urban renewal of Retiro and strengthening its position as a high-profile district within the city of Buenos Aires. However, Balbis warns of potential challenges. These include waste management and the proximity to the Barrio 31 neighborhood .
Furthermore, following the lockdown due to the pandemic and given its proximity to the city center, the area "suffered the spillover effect of the vacancy of businesses and entire corporate buildings, which no longer had a purpose due to the arrival of home office work," explains Martín Pinus, founder and director of Martín Pinus Real Estate.
The case of Plaza San Martín and its surrounding areas has a significant impact: "The area is being harmed by the excessive growth of Barrio 31, which has impacted market values in an area that was historically one of the most sought-after in the city," says Germán Gómez Picasso, director of Reporte Inmobiliario.
Property values have been battered, although the projects underway in the area are rekindling hopes for renewed growth. Among the landmarks, in fact, are buildings undergoing revitalization, such as the renowned Plaza Hotel, which will receive US$150 million in redevelopment .
Located on an iconic corner of Buenos Aires, the building was built in 1909 by businessman Ernesto Tornquist in a French academic style. Today, a renovation is underway that will combine hospitality with residential units and gastronomic offerings. "To fully respect the building's identity; for people to visit and find a recognizable space," is how Andrés Kalwill, director of Grupo Alvear, the company developing this renovation, describes the work being done at the site, along with the BMA architectural studio.
The renowned Plaza Hotel is one of the iconic buildings in the area that received a US$150 million investment to enhance its value.Nicolas Suarez - LA NACION
Meanwhile, 100 meters from the Plaza Hotel and a few steps from the Kavanagh and the Palacio Paz, located at San Martín 1137, stands a small eclectic-style hotel originally built as a personal residence and later transformed into offices. It was sold some time ago, but the future of this building is still unknown.
Located on San Martín 1137, this small hotel was originally built by Belgian architect Jules Dormal as his personal residence and is a neighbor of the Kavanagh
Another project revitalizing the area is located 200 meters from Plaza San Martín, near the Bellini Towers. Spot Studios is a mixed-use development with 14 floors and offers residential units, temporary rental units (part of a rental pool), and office space. “The area has buildings that have been converted for Airbnb. It's one of the areas with the most recognized hotels, like the Sheraton,” says Carlos Medina, commercial manager of Red, the developer that carried out the construction.
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La icónica zona porteña que promete tener los proyectos de lujo más emblemáticos de la ciudad
Se trata de una zona que supo ser de las más top de la Ciudad y hoy cuenta con varios emprendimientos que podrían impulsar un renacimiento
www.lanacion.com.ar
April 29, 2025
This is an area that used to be one of the top in the city and today has several projects that could drive a renaissance.
By Maria Josefina Lanzi
The keys that could revive one of the most iconic areas of Buenos Aires.Ricardo Pristupluk
In the heart of Retiro Park, Plaza San Martín is one of the areas that historically housed Recoleta's most coveted buildings. However, the pandemic hit it hard, but today it's back on investors' radar. In fact, a few days ago, the auction of a plot of land in a strategic location was announced, which could boost the site's redevelopment process .
Indeed, the ABBE will auction off a plot of land located at 724 Juncal Street, between Basavilbaso and Esmeralda Streets, on Tuesday, April 29, with a base price of US$13,080,569. This lot includes several properties, which serve as parking lots and warehouses, totaling 2,090 square meters. "The land is the starting point for building a project that modernizes and enhances an area. In other words, if quality properties are built, it ultimately increases the value of the surrounding areas," says Martín Boquete, director of Toribio Achával.
Plaza San Martín houses several architectural developments that made that area one of the most coveted for a long time. Ricardo Pristupluk
“The auction of the land in Juncal and Basavilbaso represents a significant opportunity for real estate development in an area with significant heritage value and potential for appreciation ,” agrees architect Jonathan Balbis, development manager at Spazios, the developer with 190,000 m² of land under construction in Buenos Aires and the western corridor.
The potential that the experts speak of is based on the fact that, although the place suffered from the vacancy of commercial premises and offices after the pandemic, the area is surrounded by iconic buildings: from the Kavanagh , declared a World Heritage Site of Modern Architecture by UNESCO, to the Paz Palace of the Military Circle and its recently built annex. Not to be missed are the Anchorena Palace , the ceremonial headquarters of the Ministry of Foreign Affairs, and the Plaza San Martín Building , among others. In addition, meters from the site are also located the Estrugamou Palace and the elegant Arroyo Street, full of art galleries, designer shops, restaurants, award-winning bars, embassies and the five-star hotel of the Spanish chain Único Hotels.
Balbis explains that, according to the new Urban Planning Code, approved in December 2024, the land to be auctioned this Tuesday is located within a High-Rise Sustainability Unit (USAA), which allows for a maximum elevation of 22.8 meters, equivalent to a ground floor, seven stories, and two lower levels, or nine stories in total. However, he clarifies that, given that the regulations allow for the possibility of leveling with taller neighboring buildings, as is the case here, which has a neighboring 12-story building, there would be the option of building a project up to that height . It should also be noted that one of the buildings adjacent to the land is the San Martín Palace, a lower building with historical protection, and that the code establishes that, in these cases, they must build three meters away from the dividing line.
The Kavanagh Building, declared a World Heritage Site of Modern Architecture by UNESCO.Ricardo Pristupluk
Plaza San Martín is one of the areas of Buenos Aires that used to be the most popular in the city.Ricardo Pristupluk
The Anchorena Palace is another of the architectural gems that the area offers.Ricardo Pristupluk
The development of this property could further consolidate the appreciation of the area surrounding Plaza San Martín, contributing to the urban renewal of Retiro and strengthening its position as a high-profile district within the city of Buenos Aires. However, Balbis warns of potential challenges. These include waste management and the proximity to the Barrio 31 neighborhood .
Furthermore, following the lockdown due to the pandemic and given its proximity to the city center, the area "suffered the spillover effect of the vacancy of businesses and entire corporate buildings, which no longer had a purpose due to the arrival of home office work," explains Martín Pinus, founder and director of Martín Pinus Real Estate.
An area in the process of rebirth
During the pandemic, many city residents were captivated by the suburbs and the possibility of working from home, and decided to move to towns like Pilar, Escobar, or Canning. The green space boom motivated many families to move away from the city center and seek out places closer to nature: "Neighborhoods like Recoleta and Retiro, with large units that were common for families of two or three children, saw a migration to other areas," says Tomás Seeber, partner at RGM Real Estate.The case of Plaza San Martín and its surrounding areas has a significant impact: "The area is being harmed by the excessive growth of Barrio 31, which has impacted market values in an area that was historically one of the most sought-after in the city," says Germán Gómez Picasso, director of Reporte Inmobiliario.
Property values have been battered, although the projects underway in the area are rekindling hopes for renewed growth. Among the landmarks, in fact, are buildings undergoing revitalization, such as the renowned Plaza Hotel, which will receive US$150 million in redevelopment .
Located on an iconic corner of Buenos Aires, the building was built in 1909 by businessman Ernesto Tornquist in a French academic style. Today, a renovation is underway that will combine hospitality with residential units and gastronomic offerings. "To fully respect the building's identity; for people to visit and find a recognizable space," is how Andrés Kalwill, director of Grupo Alvear, the company developing this renovation, describes the work being done at the site, along with the BMA architectural studio.
The renowned Plaza Hotel is one of the iconic buildings in the area that received a US$150 million investment to enhance its value.Nicolas Suarez - LA NACION
Meanwhile, 100 meters from the Plaza Hotel and a few steps from the Kavanagh and the Palacio Paz, located at San Martín 1137, stands a small eclectic-style hotel originally built as a personal residence and later transformed into offices. It was sold some time ago, but the future of this building is still unknown.
Located on San Martín 1137, this small hotel was originally built by Belgian architect Jules Dormal as his personal residence and is a neighbor of the Kavanagh
Another project revitalizing the area is located 200 meters from Plaza San Martín, near the Bellini Towers. Spot Studios is a mixed-use development with 14 floors and offers residential units, temporary rental units (part of a rental pool), and office space. “The area has buildings that have been converted for Airbnb. It's one of the areas with the most recognized hotels, like the Sheraton,” says Carlos Medina, commercial manager of Red, the developer that carried out the construction.
www.buysellba.com
