The Municipality of Montevideo has unveiled a strategic initiative to boost urban revitalization in Ciudad Vieja through a newly regulated incentive package. These measures aim to enhance residential, commercial, and cultural vibrancy in this historic area.
The Municipality has established the Área de Protección Patrimonial Ciudad Vieja, promoting coordinated actions to stimulate housing, commerce, and cultural life. Through Decree 28918, the package offers significant incentives aimed at rejuvenating the public space, encouraging urban and social renewal.
One of the core incentives includes a complete waiver of Property Tax and General Departmental Tax for new constructions and expansions within the designated area for a period of ten years. Moreover, departmental fees related to Implementation and Construction Permits are also exempt, supporting the development of the locale.
There is a notable relaxation in building regulations, such as increasing the height limit for buildings on the northern sidewalk of Reconquista Street from 16.50 to 19 meters. Additionally, payments for compensatory fees for increased utilization and value returns in specific urban projects are waived. Parking space requirements are also lifted for new or expanded residential projects with less than 25 units, or up to 50 in the case of housing cooperatives.
Heritage conservation efforts are encouraged with a similar tax exemption package for partial and full rehabilitation projects. This ten-year tax relief is aimed at preserving the architectural and historical integrity of the region.
Commercial enterprises in the area also receive substantial support with a five-year exemption from the “Adicional Mercantil” tax, beneficial to both existing and new business ventures. This aims to bolster economic activities and attract new investments to the district.
Applications for these incentives can be submitted via email to [email protected], accompanied by the required forms and documentation. A specially formed committee, comprising various urban and investment bodies, will review and evaluate these proposals, ensuring their compliance with present regulations. Decisions will be communicated within ten business days post submission completion.
These efforts are part of the broader Late Ciudad Vieja project, which seeks to energize Ciudad Vieja, striving to maintain its heritage while improving inclusivity and livability. The project envisions a greener, more accessible neighborhood with increased pedestrian areas and harmonious vehicular circulation, enhancing the overall quality of life.
Ciudad Vieja stands out as Montevideo’s most inclusive neighborhood, with a high concentration of cooperative housing surpassing city averages. It also boasts the highest number of cultural spaces, particularly museums, within Montevideo. These initiatives by Late Ciudad Vieja are directed towards drawing more residents to experience and inhabit Montevideo’s historic core.
The revitalization efforts led by the Municipality of Montevideo demonstrate a commitment to preserving the historic integrity of Ciudad Vieja while promoting economic growth and social diversity. By introducing such comprehensive incentives, the city aims to transform Ciudad Vieja into a thriving urban center that retains its cultural heritage.
In conclusion, if you’re contemplating an investment in the thriving Ciudad Vieja, now is the perfect time to act. With new incentives designed to attract residents and businesses, this historic district offers exceptional opportunities for growth.
Team Haverkate is here to provide expert guidance in navigating the real estate landscape, helping you identify the best options that align with your investment goals. Don’t hesitate to reach out to us—we’re dedicated to supporting you in seizing the potential that Ciudad Vieja has to offer!
