The businessmen fighting for a coveted corner of Palermo

A few days before the end of the year, a important auction has 18 developers in the local real estate market fighting. He building of the National Institute of Agricultural Technology (INTA) located on the coveted Palermo corner of Cerviño and Ortiz de Ocampo will be finished next December 23 at 10, with a base of almost US$6.4 million. The State Property Administration Agency (AABE) will be in charge of managing the operation.

He building that currently functions as administrative offices and meeting roomIt has a main access on Cerviño Avenue, intersection with Ortiz de Ocampo, and another emergency access on Cerviño Street. In addition, it consists of a ground floor, first and second floor and has a Total covered area of ​​3030 square meters. Furthermore, according to the AABE specifications, it has a total buildable area of ​​10,126 m²what does it ideal for residential developments or offices.

But, the regulations stipulate that whoever acquires the property must build at least 75% of the covered areaguaranteeing a large project in one of the most demanded areas of the city of Buenos Aires, meters from Avenida del Libertador.

Among the 18 developers who have already expressed their interest in acquiring the property Renowned companies in the real estate world stand out. Among which are:

But, participating in this auction is not an easy task. The bidders must meet certain requirements: not appear in the Public Registry of Employers with Labor Sanctions, not have liquid and enforceable tax debts, and have submitted the corresponding sworn declarations.

Besides, They must have sufficient financial capacity to meet the commitments required by the specifications.including an amount of guarantee of US$95,684equivalent to 1.5% of the base price of the property.

Furthermore, it was known that The future owner must undertake a project that respects local regulations and? transform the building into an icon of Palermo. With the constant increase in demand and the scarcity of land in the Federal Capital, this auction promises to mark a before and after in the Buenos Aires real estate market.

The auction of the INTA building It is part of the Government’s plan to sell 309 properties and public buildings. With these operations, it is estimated to raise more than US$800 million, funds that would be allocated to various government initiatives, including properties in the metropolitan area of ​​Buenos Aires and other cities such as Rosario, La Plata, Córdoba, Santa Fe, Mendoza, Paraná, Corrientes and Mar del Plata

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