Iguatemi and Catuaí plan complex near Faria Lima

Iguatemi and Grupo Catuaí are acquiring and demolishing properties in the Itaim district of São Paulo, near the corner of Faria Lima, to build a mixed-use commercial complex. The development is organized through the joint venture TF 61 Empreendimento Imobiliário. At least two buildings have already been cleared on a site between Jerônimo da Veiga and Amauri streets, and the companies are seeking additional acquisitions nearby to expand the lot.

Municipal permits have already been issued for numbers 436 to 446, covering a 13-story office building with four basements, retail at ground level, and a total built area of 11,200 square meters. The adjacent property at number 428 is undergoing demolition, where negotiations are underway to bring in luxury hotel chain Four Seasons. Final plans remain subject to changes and further municipal approvals.

For shopping mall operator Iguatemi, entering the hotel segment represents business diversification. The company recently completed the sale of stakes in five shopping centers for BRL 876.1 million to strengthen its cash position. It is also executing expansions at Iguatemi São Paulo and Iguatemi Brasília, a retrofit of Market Place, and the Casa Figueira residential development in Campinas, where roughly 100 buildings are planned over the next 20 years.