The development that waited 15 years: IRSA moves ahead with a megaproject in Uruguay of US$10 million investment and 230,000 m2

IRSA, one of Argentina's largest real estate developers, has begun advancing a major $10 million investment project in Uruguay, marking its first large-scale development in the country. The initiative involves a 230,000 square meter site near Lake Calcagno, close to the Roosevelt Park and just minutes from the Carrasco International Airport, the Rambla coastal road, and the entrance to Montevideo. The project, known as Distrito Calcagno, includes residential units, offices, commercial spaces, and public areas. The land was acquired by IRSA 15 years ago, with the company expressing confidence in the long-term potential of the area despite its initial lack of consolidation. Gonzalo Gómez Palma, leading the project, explained that the decision to invest in this location was based on a strategic vision for future growth. The development is divided into 14 mixed-use macroplots, more than half of which have already been sold. Over 190,000 square meters will be allocated to housing, offices, and commerce. Construction is currently underway in different stages, with some buildings already completed and occupied. One residential tower is nearing completion, while three others have recently started construction. The project aims to deliver over 2,000 residential units once fully developed. Pricing varies depending on the type of property, with finished units starting at around $290,000 and prices per square meter ranging up to $3,500. For properties under construction, such as those in the Grou Rowing complex, entry-level prices begin at $150,000, with rates approaching $3,000 per square meter. Distrito Calcagno is designed to follow the natural geography of the site, with macroplots arranged in a "U" shape along part of the lake, which serves as the district’s central feature. The location offers direct access to the lake for each macroplot and is situated near the Roosevelt Park, a large green space that enhances the natural appeal of the development. Gómez Palma emphasized the strategic positioning of the project, noting its proximity to areas where Montevideo is expanding. In addition to residential and commercial components, the master plan includes a public park exceeding 4,000 square meters and new urban landscaping and facilities. Collaboration with the Canelones Municipality is ongoing to implement these features, alongside plans for a commercial base offering services tailored to residents of the district. Situated along the shores of Lake Calcagno, facing the Roosevelt Park and within easy reach of the coast, airport, and Montevideo, the project represents a shift in focus for real estate investment in Uruguay. Traditionally, attention had centered on Montevideo and Punta del Este, but in recent years, a third corridor, City of the Coast and its surrounding areas, has gained prominence. Located approximately 30 minutes from Montevideo, City of the Coast stretches between the Carrasco and Pando streams, featuring 28 kilometers of coastline along the River Plate, lakes, and extensive green spaces. Originally a series of summer resorts where families built homes primarily for seasonal stays, the region has evolved over decades. Permanent residency has increasingly replaced the purely tourist-oriented use, attracting new services, infrastructure, and real estate developments. This transformation aligns with IRSA’s strategy to capitalize on emerging opportunities beyond traditional investment hotspots in Uruguay. The project underscores a broader trend of urban expansion and diversification in real estate development, reflecting changing dynamics in how investors perceive and utilize available land. As the Distrito Calcagno project progresses, it is expected to contribute significantly to local economic activity and reshape the landscape of City of the Coast.