Just months before its 40th anniversary, FYNSA resumed its traditional Real Estate Conferences—our main event of the year—as in-person gatherings. On this occasion, the event drew a large audience to the Metropolitan Santiago Convention & Event Center to discuss the new macroeconomic environment and its impact on the real estate sector, as well as the opportunities that are emerging. We also heard about real estate development experiences in the United States, with speakers from two firms affiliated with FynsaUpper in that market.

Architect and urban planner Iván Poduje outlined a complex scenario for Santiago in the coming years, highlighting the wide gap that has emerged between the rise in housing prices and that of wages, as well as the city’s new problems, such as the lack of regulation and chaos in many rental buildings and the emergence of areas with serious safety issues. The “Octubrista city,” as he calls it.

Solutions?Move away from high-density development in central areas and develop residential projects with green spaces and amenities on the outskirts, including industrial neighborhoods, where land is cheaper. Also, involve the buyersof these homes in the design and development of the projects.

For her part, Alicia Miller, vice president of Capital Markets at Whitestone, explained her fund’s strategy, which focuses on developing housing for low-income, the elderly, or people with disabilities in the central United States under the federal government’s Housing Choice Voucher Program , which helps these individuals rent decent and safe housing.

Whitestone's projects help develop this type of offering while providing a very good return to its investors.

Finally, David Wallace, founder of DGW Consultants, highlighted the importance and effectiveness of public-private partnerships for the development of real estate projects that create value for the community, citing as an example the Tri-County Mall redevelopment project, located in Springdale, Cincinnati, Ohio, in which FYNSAUpper is participating through MarketSpace Capital. The project involves the construction, on an area of approximately 30 hectares, of up to 20 residential buildings with 2,600 residential units, up to five office buildings, and up to 30 buildings for retail, restaurants, and entertainment, in addition to providing space for educational facilities, a hotel, green spaces, and recreational centers. This development will help revitalize the city of Springdale, which has seen its activity and appeal decline as the traditional mall business model has faced a crisis in recent years.