Old Factories Become Modern Housing in Buenos Aires
Buildings in Buenos Aires that used to be factories and warehouses are becoming the target of Buenos Aires real estate developers. Following the fashion of New York and London, converted industrial architecture is increasing in popularity as more people celebrate the old elements of Buenos Aires.
The South of Buenos Aires has always been known for its industrial feel and was traditionally the home of factories for heavy industry and manufacturing. Today, the Southern districts of Buenos Aires are experiencing a new and curious phenomenon. Old, previously abandoned buildings are now becoming popular real estate hotspots for the most fashionable and trendy homes. Luxury, top-end apartments and condominium structures are being renovated and vamped up to be sold on the Buenos Aires real estate market.
One example of old factories that become modern housing is the factory of the tea and coffee producer La Morenita. This industrial building used to function as a factory producing coffee for La Morenita. Now the building is occupied by a luxury apartment complex and most of the units were sold before completion. In addition to the La Morenita factory there are similar projects underway in the buildings of the former textile factory ‘Piccaluga’ also in the General Match Company factory and the old Canale and Bagley factory.
The popularity of converted warehouses and factories show a shift in the mentalities of Argentine buyers. It also reflects a new type of clientele: young students. Most of the units in the La Morenita building were sold at prices ranging from $ 1,200 to $ 1,400 US dollars per square meter. The converted apartment complex is located on Carlos Calvo Street in the Monserrat neighbourhood of Buenos Aires. The re-inauguration of the former factory has revitalized the surrounding area of Montserrat that preciously had a bad reputation for safety and crime. The building is located close to several educational institutions including; the University of Buenos Aires Faculty of Sociology, UADE (University of Business), the IAU and the University of Kennedy. This prime location meant that many of the units’ buyers were students.
Another area of Buenos Aires that has experienced this phenomenon where old factories become modern housing is Palermo Viejo. This neighbourhood was one of the most rundown parts of Buenos Aires. However, the last 15 years has seen a sharp increase in the area’s popularity and many industrial structures close the railway lines have been converted into fashionable city pads.
The recycling of old factories into modern buildings is a fantastic investment opportunity as they are generally well located and are sold at very reasonable prices when compared with modern housing.
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