South American Real Estate News

In more detail, the largest real estate project in 35 years in Recoleta, Buenos Aires

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This is a mega-development in Callao and Santa Fe, where NorthBaires invested USD 150 million and has already sold 80% of the units. It partially occupies what was the Cine América and is now a complex of apartments and offices in the classic European style. The m2 averages USD 5000m2.

An exclusive 53,000 m2 mixed housing and office project in the heart of Recoleta, Callao and Santa Fe, is already 80% sold and it is the most important work of the last 35 years in this traditional Buenos Aires neighbourhood.

With an investment of US $ 150 million, NorthBaires developed OM Recoleta, a premium complex with its own Berlin-style park in the middle, exclusive and innovative amenities and services for the neighbourhood.

The project is progressing even in the context of the pandemic that left numerous works on the way that could not overcome the restrictions and the brake on demand. In the case of OM, NorthBaires even expanded the original plan on the land occupied by the old América cinema, with the acquisition of a French-style building from the beginning of the 20th century on Callao avenue, to expand the offer of units.

According to those responsible for the project, the high demand is the result of the combination of the offer of exclusive properties that integrate modern comfort and European classicism deployed on almost a third of a block of a neighbourhood without spaces added to the certainty that in Recoleta bricks and mortar are the best haven of value since the buyer knows that they will not find in the area the offer of amenities and services that guarantee safety and quality of life in a classic neighbourhood.

“The possibility of living with the comfort of the 21st century in a European environment, in a neighbourhood where there are no properties with this level of services and where there are many space limitations, and also buying with the certainty that it is an area of the city where brick is the best haven of value, they are undoubtedly rare assets in the property world, “he explains. Matías Botello, Commercial Director of NorthBaires .

The Rear of the building

The first batch of units, which are accessed by Marcelo Torcuato de Alvear, are due to be finished in 16 months (mid-2022). And according to Botello, “the complex offers certainty to buyers: it has the best finishes and amenities on the market, with security, garages, recreation areas, views and green spaces with a Berlin airpark for exclusive use in the centre of the block. “.

At this moment, they are launching to the market “a quota with the last luxury units, which are the residences of 1, 2 and 3 rooms that will give the private green park”, says Botello.

These residences will be located on the internal face of the new building, facing a private 800 m2 green park that will be erected in the centre of the block, with a European style inspired by the emblematic and modern German city of Berlin.

There will be 14 levels with 74 departments. There are studio apartments (from 43m² to 52m²), two rooms (from 52m² to 71m²) and three rooms (from 75m² to 81m²).

In addition, the project has exclusive homes that face the Rodriguez Peña square (on Marcelo T de Alvear street) with 3 bedrooms with dependence and 3 bedrooms with dependence and family, valued at USD 4,500 per m2.

Each of these units have ceiling heights greater than 5 meters ,

On Callao, the premium segment has an emblem. In a stately building of 22 meters in front, work is carried out to enhance six residences for housing or professional use.

In addition to maintaining the traditional design, each of these units has heights greater than 5 meters, which gives a greater sense of spaciousness. These spaces are 130 m2 each and will be sold at an average value of USD 5,500 per m2.

“These properties are very difficult to find, as they combine the style and magnificence of the classic with the comfort and functionality of the modern. That is why they have their own demand, which does not respect the traditional dynamics of standard properties”, explains Botello.

OM Recoleta has all the typical amenities of its segment: two swimming pools (one uncovered and one covered), more than 450 private garages distributed in 5 basements for offices and homes, terraces with barbecue, gourmet kitchen area, large living room multipurpose and fitness centre. These amenities are shared by the entire complex and accessed through the internal garden.

A particular fact of this project is that one of its fronts, on Callao Avenue, will host the postgraduate course at the Business School of the University of San Andrés.


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