Parque de los Patricios Technological District
Some time ago, Parque de los Patricios was home to not much more than factories and warehouses, which fell into disrepair with time. Today, the neighborhood is putting its past far behind it, as 207 million pesos are planned for real estate projects in the next two years through the creation and development of the Technological District.
The park is bordered by several important streets and avenues, making it a prime location for rebirth. In the 200 hectares primed for development, most of the projects are for technology businesses, be it information or communication technology. The area is perfect for its future destiny for a variety of reasons. First, it has an ideal, strategic location. Secondly, it is well connected to the rest of the city in numerous ways, including avenues, highways and public transportation. It is also near to the economic center of the city, and has a reasonable cost of living. Green spaces are all connected with great connectivity infrastructure, including fiber optics granted by the city government.
As incentive for businesses to join the new community, they will be exempt from paying gross receipts and ABL tax for ten years, and they have the option of deferring taxes in favor of investing in works. Tax incentives are also available for construction rights for the same amount of time.
Furthermore, the neighborhood is looking to increase its number of residents, as well, offering employees of local businesses incentives if they move to the district along with their company. They will also be exempt from paying ABL for ten years, and will have lines of credit available with preferential interest rates.
Aside from the incentives offered to promote growth in the area, the new district has all the makings of becoming a successful and strategic place to be located, including a relatively low cost per m2, and plenty of room for potential expansion. In addition, it is well apt for not only commercial spaces, but residential as well, creating a lively and diverse community.
207 million dollars are expected to be invested in the area between 2009 and 2012, a good indicator of the faith developers and investors have in the project.
Many buildings are being renovated and repurposed, breathing new life into the area’s existing infrastructure. 115 functional units have already been created in the renovation of the complex called Complejo La Imprenta, using an investment of four million dollars. Developed by Debaires, it offers offices of 34 m2 for less than USD 43,000, giving a good measure of the types of costs that can be expected in the new district.
Developers understand that most businesses are going to expect the latest installations and fixtures, and are ensuring that they come through on that end. However, versatility is important, too. Luckily, many of the old factories and warehouses that currently fill the neighborhood are perfect for creating versatile, multi-use spaces.
Tata Consultancy Services, for example, specifically sought out the old 11,200 m2 Fernet Branca building, because they knew they could easily adapt it to their needs. They spent over one million dollars in its construction and renovation, but in the end, came out with the offices that are best suited for their needs.
The most important emphasis in this area, however, is the idea of a Technology District. It will be a place to work, study and live; a comprehensive neighborhood that promotes a specific industry.
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