Real Estate Company Buys Burned Historic Building

Real Estate Company Buys Burned Historic Building

Mike Dreckschmidt

Arte Express buys fire-damaged mansion with intention to restore while revealing much grander ambitions for the entire historic Plaza 2 de Mayo…

Arte Express, a real estate group of highly skilled young professionals, surprised the market by buying one of the mansions in the historic Centro Lima last Friday afternoon.

The house is located in Plaza 2 de Mayo and has been inactive since it caught fire in 2014. The property was sold by Robert Larco and will demand about 2 million dollars for its restoration, a sum that will be partly filled by the future rents obtained by the property in its excellent central location.

This work will require highly specialized carpenters and builders as the mansion requires many particular materials and architectural styles not frequently used in the modern era.

“The first thing to do is to surround the building and secure it, then start with the interior cleaning, then work on the plans and request approval of the project,” Robert Larco stated. He believes that with municipal acceptance and cooperation, the project could be completed in 12 months.

The original design of the Larco house dates back to 1924 and was completed by one of the most important architects of the time: Ricardo Malachowski. Thus, it is an outstanding example of the Republican era architecture that was popular in Peru during its first 100 years of independence from Spain and can be observed in much of Centro Lima.

After its restoration, the building will be rented out for office use, possibly to one of the various government ministries or another state entity.

However, this is only the first step for Arte Express’s grand ambitions in the Plaza 2 de Mayo. Their intention, or at least interest, is to acquire the other seven mansions that surround the iconic monument in the plaza’s center. As can be inferred by its name, the Plaza 2 de Mayo commemorates Peru’s victory in the historic naval battle of May 2, 1866, against the Spanish forces, which permanently sealed their independence as a nation.

Arte Express CEO Fernando Palazuelos asserts that “with this first purchase begins the recovery of this square because the idea is that change will occur in all the buildings.”

This project holds the possibility of changing the urban dynamic of the district, as the Plaza 2 de Mayo currently acts as a major traffic circle and public transportation node for the historic Centro Lima. Total restoration could raise the value and re-purpose the plaza in time.

What do you think of the project and its potential?

Source: El Comercio

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1 Comment

  1. John
    June 08, 04:01 Reply
    Excellent initiative Hope they have success. Security need to be much improved in that area.

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