This Friday the advance of the Italian businessman Giussepe Cipriani who disbursed the guarantee of US$ 7.8 million agreed with the Executive Power. The initiative bets on a first level casino hotel complex instead of the former Hotel San Rafael.
This information published by El País was confirmed by El Observador by government sources that assure that This action “gives greater peace of mind that the project, so important for Punta del Este, can finally come to fruition.”
According to the sources consulted, the next stage of Fosara -as Cipriani’s company is called- will be a new architectural proposal and the subsequent evaluation of the project by the Maldonado Board.
On January 28 the Cipriani group had signed in the Ministry of Economy and Finance (MEF) the concession contract for the exploitation of a private casino for 20 years, which is conditional on the construction of a luxury hotel on the grounds of the former San Rafael hotel in Punta del Este.
Last April, a preview of the new idea had been released. In principle, this version eliminated the two horizontal towers that were articulated with the old hotel building, and incorporated three vertical towers. One of them would be located exactly behind the new luxury hotel, and would be 237 meters high. The second tower that would be located further to the east would be 170 meters high, and it was planned to erect a third building 125 meters high.
The reformulation of the residential area headed by the architect Rafael Viñoly also requires a new exception for high-rise construction that must be approved by the Departmental Board. In July 2018, an exception had been approved for 91 meters, 20 more than what was already enabled in the area, but which was never used.
financing
The base investment that is managed today is about US$ 200 million. That is the floor for the first stage of hotel, casino and amenities that is included in the tender. For stage two, the investment will depend on what type of towers are built. The sources explained that financing in this type of project is always given through banks and private investors from abroad. “In order to have external financing, you have to have a concrete and closed project, which is what was missing here. Today’s stage is very important. This is the first step for you to really move forward. The financing is going to be structured now that the project is a reality”, affirmed one of those consulted. “Today the seriousness of the company and its intention was reaffirmed,” he added.
