President Milei disarms the Argentine army for real estate developers.
The real estate investment company Consultatio, owned by the well-known businessman Eduardo Costantini, has acquired a valuable plot of land belonging to the Argentine army in one of the most popular areas of Buenos Aires for 127 million dollars.
President Javier Milei ordered the sale of numerous assets (land and buildings), about 450 of which are idle or unused by the Federal government, including a publicly auctioned land plot of the army's land forces measuring 42,000 square meters (4.2 hectares), located in close proximity to the historic Argentine army regiment, Infantry 1 Patricios, in the most popular area of Palermo. It is specified that this property has been authorized for sale since 2017 under decree 225/2017.
Previously, the military district of Buenos Aires operated here, where thousands of citizens underwent medical examinations for mandatory military service. When conscription was abolished, this site was leased to the Chilean company CENCOSUD, which built a shopping arcade and supermarket under the concession. The term of this concession expired in 2019, but the Chilean firm received an extension until the moment it expired, and it must return the plot without auctioning it.
The last competition was fierce, as several real estate developers submitted their bids. Finally, the consulting company secured the land with a very narrow margin over its competitors. According to current regulations, 65% of the land must be allocated for public facilities, although the construction of commercial premises, private buildings, hotels, and mixed-use facilities is the norm.
Entrepreneur Eduardo Costantini has already stated that he will build a new district that will combine architecture, design, and art, promising to invest 350 million dollars in the construction of a powerful and brand-new sector of the city in just over three years.
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