The private initiative foresees an investment of US$ 2,000 million, it would have 300 moorings for boats, 36 real estate lots and a bridge that would connect it with Montevideo< /h2>
Image taken from the executive summary of the company Navigant Group LLC. MVD360
The Uruguayan Executive Power approved a project for a 36-hectare island 450 meters from the Montevideo promenade, with a marina for 300 boats and 36 real estate lots. The initiative already has the approval of the president Luis Lacalle Pou and the Minister of Transport and Public Works, José Luis Falero.
This is a real estate project presented by the company Jirkel SA and named as mvd360 Project: an investment of approximately US$ 2,000 million and of “extreme interest” because “it would contribute to the hierarchization of the city in general and of the Montevideo boulevard in particular, as well how it expands the port offer of the city connecting it even more with the region”, indicates the decree.
According to reports, the plan would widen the boulevard by about three kilometers and build a 450-meter bridge to access the island by car. The project was presented to the Ministry of Transport and Public Works at the end of 2021 and, in March of this year, it passed to the Presidency, the newspaper El Observador reported.
The initiative would have 300 boat moorings, 36 real estate lots and its construction would take four years in the initial stage and 10 to complete. In addition, 4,500 jobs would be created in this process. 54% of the construction would later be transferred to the National Ports Administration (ANP) or the Municipality of Montevideo (IM), according to Búsqueda.
< img class=”aligncenter” src=”https://thegaltimes.com/wp-content/uploads/2022/06/an-island-with-a-marina-and-real-estate-lots-the-project-approved-by-the-uruguayan-government- 03fa520.jpg” alt=”An island with a marina and real estate lots: the project approved by the Uruguayan government” />
Rambla República de México, Punta Gorda. Photo: Google
After being accepted by the Executive Branch on May 9, the feasibility study stage now begins. Once this stage is over, there would be a call for leasing in which the company Jirkel would have an advantage of between 5% and 20% over the other interested parties.
Until now, the environmental impact that the implementation of this initiative would have has not been evaluated and the formal documentation has not been presented to the Municipality of Montevideo.
The approval, with the signature of the president, is based on articles 19 and 20 of the Economic Reactivation Law of the Construction Industry (No. 17,555), a regulation on incentives for construction that enables the State to receive initiatives that can be executed, among other things.
“It is one more of the superinvestments that appear out of nowhere, and everything indicates that this, as appeared, disappear. I would tell you that these people are not investors, but what they are looking for are investors. They get permission from the Uruguayan state to build this madness, but they don’t have the 2,000 million dollars, and with the permission they go looking for someone who can invest that, because they have a friendly state that banks them. It is real estate speculation, one of the most complicated there is”, sociologist Tejo Mattioli told Brecha.
According to what was known, the developer It is one year old and is a public limited company made up of more than 10 companies from different sectors.