Shopping Center OH in la Barra is Expanding
Shopping Center OH in la Barra is Expanding with more Stores and a 5-Star Condo Hotel
OH! La Barra is a newer open-air shopping mall with more than 35 clothing and gastronomy stores in La Barra. The architecture of the Shopping Center was designed by the prestigious Uruguayan architect Carlos Ott, who imagined and managed to create a structure that is assembled in a natural way, relaxed, rustic and at the same time elegant.
Now the shopping center OH in La Barra is planning an additional expansion of 45 new stores and a condo-hotel of 15 million dollars investment.
The mayor of Maldonado, Enrique Antía, asked the municipal legislature for approval of the condo-hotel project presented by the firm Netzaj Sociedad Anónima, owners of the OH! from La Barra. They are now waiting for the approval of the Departmental Board to proceed with the call to bid for work so they can start building. According to Javier Stolovitsky, commercial director of OH, they would like to start building the first 5-star Hotel in La Barra town in March 2020. The request of the mayor, with his favorable opinion, was sent to the building department on July 3rd for approval. According to the information provided by the mayor, it exceeds the occupation and height parameters set for hotel construction but they hope to get it approved. The proposal of the aforementioned company is for the expansion of shopping OH!, with 45 other commercial premises, and the construction of 56 rooms equipped with ample infrastructure, which includes swimming pools, convention room and 221 covered parking spaces in block 370 in the center of La Barra. The new architecture preserves lines of the design, quality, and materials of the existing shopping center. The intention is to build 16,058 square meters of closed space.
The investment exceeds fifteen million dollars and will be executed in two stages. In the first, the two-block hotel will be built. The height was accepted because it is at the same level as the water tank of the complex. The first block will have thirty rooms and will include an initial extension of the shopping mall. In a second stage, another block will be built with the rest of the rooms proposed in the application processed before the “Intendenzia” of Maldonado. The initiative has strong support from national and foreign investors, to the point that half of the rooms have already been sold. According to Stolovitsky, the rooms were sold at 170 thousand dollars each. Apparently, they made a presale with a 25 percent discount and with a guaranteed 5 percent return at the time of the deed of sale. At the moment, when the commitment to purchase is registered, the 5 percent return is guaranteed for the first three years, Stolovitsky added. He thinks that the performance will even exceed 10 percent. But as every project needs its maturation time, they ensure 5 percent as that is double the rate one can get around here and the unit can be sold at any time as any property. This information was provided by the El Pais newspaper in July 2019.
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