IRSA gets permits to build four towers at Alto Rosario

IRSA Inversiones y Representaciones obtained the municipal permits needed to launch a real estate expansion at its Alto Rosario shopping center in Santa Fe province. Chairman and CEO Eduardo Elsztain announced the approval on 18 September during the Experiencia Endeavor event at the Metropolitano complex.

The project will subdivide a land plot in the northern section of the retail complex, located on the parking area along Junin and Thedy streets where Neumáticos Verona used to operate. IRSA plans to construct four mixed-use towers featuring residential apartments, corporate offices, and parking spaces. The company shares ownership of the land with supermarket chain Coto.

Alto Rosario manager María Guillermina Gasparini ratified the announcement, opening the operational phase for the development along the Parque Scalabrini Ortiz corridor. Elsztain stated that the decision to advance these investments follows improved financial and macroeconomic conditions.

As of its June financial close, IRSA managed a portfolio of 18 shopping centers covering more than 410,000 square meters of gross leasable area, five corporate buildings, and three hotels. The company is controlled by Cresud, which holds 55.14% of the voting rights, and holds a 29.12% stake in Banco Hipotecario.