Fynsa
Months away from its 40th anniversary, FYNSA resumed its traditional Real Estate Meetings, our main event of the year. On this occasion, on November 9, the Meeting convened a large audience at 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 arise in a complex scenario. We also heard about real estate development experiences in the United States, with speakers from two firms associated with FynsaUpper in that market.
Architect and urban planner Iván Poduje presented a complex scenario for the next ten years in Santiago, highlighting the wide gap that has been generated between the evolution of housing prices and that of salaries and the new problems of the city, such as the lack of control and chaos in many buildings constructed for rent and the appearance of areas with profound security problems. The "octubrist city," as he calls it. Solutions? Abandon densification in central areas and develop residential projects with green areas and services in the periphery, including industrial neighborhoods, where land is cheaper. Also involve the buyers of these homes in the conception and development of the projects.
Alicia Miller, vice president of Capital Markets at Whitestone, explained her fund's strategy, which focuses on developing housing for low-income, elderly and disabled people in the central United States under the federal government's Housing Choice Voucher Program, which helps these people rent decent and safe housing. Whitestone's projects help develop this type of supply while offering 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 generate value to the community, taking as an example the Tri-County Mall conversion project, located in Springdale, Cincinnati, Ohio, in which FYNSAUpper is participating through Marketspace. The project considers the construction in an area of around 30 hectares of up to 20 residential buildings, with 2,600 residential units, up to five office buildings and up to 30 buildings for stores, restaurants and entertainment, in addition to leaving space for educational centers, a hotel, green areas and entertainment centers. Its development will serve to revitalize the city of Springdale, which has seen its activity and attractiveness decline as the traditional mall business model has fallen into crisis in recent years.
