Portafolio Inmobiliario will build a new mixed-use project in Curridabat with an initial investment of $15 million
https://www.elfinancierocr.com/negocios/portafolio-inmobiliario-levantara-nuevo-proyecto/QASMGFK6GFDAPN4BOKNOFJZHRM/story/In the construction of Aleste, Portafolio Inmobiliario is prioritizing materials with sustainable characteristics and with environmental declarations.
Real Estate Portfolio announced the start of construction of the Aleste real estate project, a mixed-use development that includes offices, residences, shops, gastronomy and entertainment.
The firm assured that it will bet on a "densified city environment", with elements such as parks, sidewalks and bicycle lanes. The initial proposal is similar to that of Avenida Escazú, although the new project has geographical and historical characteristics.
Located to the east of the Metropolitan Area (GAM), in Curridabat, in front of the Sek School, it will have a total area of 67 hectares and the construction will be carried out in stages.
In the first phase, 42,000 square meters (m2) will be developed, with an investment of close to $ 15 million in infrastructure, and its construction period is expected to be approximately one year.
Once the first stage is completed, it will generate 1,500 new jobs in the different areas of operation. In addition, its approach in stages in the medium and long term promises to contribute to the slow reactivation of construction.
"At Aleste we will incorporate from the beginning practices that will achieve a significant saving of 50% in drinking water and efficient energy management through the installation of high-tech windows, which have high heat absorption and light transmission" , Federico Baltodano, project manager, Real Estate Portfolio.
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The property in which Aleste is located is Hacienda La Laguna, owned by the Terán family, with about 150 years of history and participation in plantations and coffee processing.
As a tribute to the origins of the space, the project includes areas for the conservation of orchids and coffee.
In addition, Aleste includes in his proposal a four-hectare park, which will include an orchard area for the project community and a lake, among others.
The project will opt for the LEED Silver certification, which validates high standards in solid waste management, use of water resources and energy efficiency.
Alfredo Volio, executive director of Portafolio Inmobiliario, assured that Aleste is also a commitment to the transformation of cities.
“This development will be a model that seeks to raise the style and quality of life of the people who live, work and enjoy it, but it will also enhance the experience of the communities that are around it. This new urban commitment will transcend the physical limits of the property to offer a sustainable development model for the 21st century, ”said Volio.
Jimmy Cruz, mayor of Curridabat, assured that the project fits the “Sweet City” approach promoted by the canton, and consists of seeking a balance between the needs of people, flora and fauna.
"They have done it in an innovative way and we hope it will become a good example, like the ones we like to have in Curridabat," Cruz said.
Portafolio Inmobiliario is the company responsible for the development of projects such as Lincoln Plaza, Avenida Escazú, Marina Pez Vela, Terrazas Lindora, Escazú Village, San Antonio Business Park, Propark, Cariari Corporate Center, El Cedral, Torre Universal and shopping malls such as Plaza Bratsi and Mango Plaza.
Slow reactivation
Construction is one of the activities that is still struggling to recover, as the initial impact of the pandemic came after a year that had already been difficult: it has already exceeded 25 months with depressed economic activity.
Data from the National Institute of Statistics and Censuses (INEC) show that 2020 closed with a decrease of -10.9% in the number of works; as well as in the area (-6.2%) and in the value (-16.3%), compared to 2019. In San José, the interannual contraction in the number of works was -8.8%.
The sectors where less was built were housing (-9.30%), commerce (-24.66) and services (-61.58), all included in Aleste's proposal.
The short-term outlook is uncertain, as some key inputs for the sector experience price increases of up to double digits. For example, when comparing its value in May 2020 with April 2021, plastic pipe costs 53.01% more and electric cable appreciated 38.58%.
The Building Price Index had a year-on-year variation of 16.48% while the Price Index for Low-Cost Homes increased by 11.47%, both as of April.
The behavior of the market and prices makes it difficult to project costs and formalize new real estate projects. However, the confirmation of complex developments, such as Aleste, generates expectations and promotes construction in its area of influence.
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