New attempt to liquidate the Vélez Sársfield Tower: lower the price by 20% after the first bid failed

The court has initiated another attempt to sell the unfinished Torre Vélez Sársfield, part of the Ecipsa Center complex owned by Grupo Euromayor, by reducing the minimum bid price by 20%. This follows the failure of the initial bidding process, which saw no offers submitted despite two companies having purchased the tender documents. The new base price for the sale is set at US$2,281,527.50, down from the original figure of nearly US$2.8 million. The first bidding round was declared unsuccessful on March 26, with no bids received. According to reports from the liquidation delegates, potential bidders cited the high base value as a deterrent to profitability. In response, Judge Ana Silvina Izquierdo approved a reduction of 20%, aiming to attract developers who had previously hesitated due to concerns over investment returns. The judicial order maintains strict conditions regarding the project’s architectural integrity. The buyer will not be allowed to alter the original design approved by the City Council of Córdoba. This is because the Torre Vélez Sársfield shares the same site and overall development plan with two other completed towers, Torre Trejo and Torre San Luis, which are already inhabited. Among the key requirements for bidders is proof of legal incorporation and proper registration as builders. Additionally, they must submit a detailed Construction and Safety Plan aimed at minimizing noise, dust, and vibrations to protect residents living in adjacent buildings. The winning bidder will be responsible for all necessary procedures to obtain building permits, utility connections, and municipal authorizations. The purchase of rights to the tower does not grant control over existing common areas nor participation in decisions made by current condominium owners. The buyer will assume full responsibility for completing the project and ensuring compliance with all regulatory requirements. The timeline for the second bidding process has been established. Tender documents can be acquired starting on July 27, 2026, and remain available until September 3, 2026, at the liquidation office. Bids must be submitted at the 52nd Civil and Commercial Court, with the opening of envelopes scheduled for September 4, 2026, at 11:00 a.m., in the Palacio de Justicia I. The successful bidder will have five days from the judicial approval of the transaction to settle the remaining payment in full. The court ruled against using an electronic auction, citing the complexity of the project. It emphasized the need to evaluate not only the lowest price but also the financial stability and technical capability of the prospective buyer. This approach aims to ensure that whoever takes on the project is well-equipped to complete it successfully.