IRSA, led by Eduardo Elsztain, has made significant strides in the real estate market with the development of Ramblas del Plata, a large-scale housing project on the site of the former Boca Juniors Sports City. This move marks a shift for the company, which had spent nearly 15 years focusing primarily on shopping centers and office spaces. The company's return to residential development represents a strategic pivot aimed at capitalizing on the growing demand for housing in Buenos Aires.

On March 4th, the National Securities Commission (CNV) reported that IRSA successfully executed the sale of a lot as part of the extended first phase of the Ramblas del Plata project. This transaction amounted to approximately US$7.9 million, which entails a combination of immediate cash payment and future receivables in the form of additional square meters of sellable property. This sale adds to IRSA's overall revenue from the project, bringing the total raised to nearly US$90 million so far.

The ongoing development in this prime area of southern Buenos Aires is expected to address the increasing need for residential properties within the city. As IRSA continues to move forward with the Ramblas del Plata project, it not only reflects the company's adaptability to market demands but also signals a broader trend in urban development as the region copes with housing shortages and seeks to revitalize underused spaces in the metropolitan landscape.