07/05/2024 – 7:00
Carrefour Property, the real estate division of the Carrefour Group, expects to complete construction of the new tallest building in the city of São Paulo by the end of 2025. Named Paseo Alto das Nações, it is a multipurpose complex that will include a shopping mall, theater, park, hypermarket, a residential tower, a mixed-use tower and a 219-meter-high corporate skyscraper.
Currently, the tallest building in São Paulo is Platina 220, at 171.7 meters, located in Tatuapé, according to the ranking of the Council on Tall Buildings and Urban Habitat (CTBUH).
+7 of the 10 tallest buildings in Brazil are in Balneário Camboriú; see ranking
The project for the new tallest tower in São Paulo will have 39 floors for corporate use.
Construction is underway and, for now, the only completed tower is a mixed-use tower, measuring 113.03 meters. There are 7 corporate floors and 18 residential floors with 161 units. The apartments range from 40 m² to 237 m². A Carrefour hypermarket is already operating on the site.
The complex will also have a third tower, entirely residential, with 133.96 meters in height distributed over 38 floors. This building will have 216 apartments.
The same 5,000 m² plot of land will also house a theater with seating for 303 people, an open-air park of 32,000 m² and a shopping plaza with 8 commercial spaces. The estimated total sales value for the real estate project is R$3 billion.
The construction of the complex in partnership with the developer WTorre is the materialization of a strategy that has been in place since 2013. “It gained traction after the creation of the autonomous real estate unit to run this business when I arrived in 2021”, says the CEO of Carrefour Property, Liliane Dutra, in an interview with This Is Money.
Complex will be built in the ‘cradle’ of Carrefour in the country
The French group has a tradition of buying the properties where it builds its markets and hypermarkets. According to Dutra, around 75% of the stores are currently located on their own land.
Paseo Alto das Nações is being built in the area where the group opened its first store in Brazil in 1975. It is a 65 square meter plot of land on Marginal Pinheiros, near the Santo Amaro neighborhood.
The Carrefour that currently operates on the site was opened in 2022. The structure of the old supermarket was demolished. The new skyscraper is being built on the site of the old unit.
Carrefour’s strategy for real estate business
In 2022, the company acquired the Big supermarket chain, which also had a tradition of purchasing properties. Thus, the company now has 440 properties of its own and more than 18 million square meters of land area.
The Paseo Alto das Nações project began to be developed in 2013, but was interrupted due to the crisis with the partner developer – at that time, Odebrecht, involved in corruption scandals.
In 2021, Liliane Dutra takes over as CEO of Carrefour Property with the mission of giving a new direction to the group’s real estate segment.
“The company’s core business will always be retail, wholesale and food wholesale, but the fact that you are the owner allows you to densify that location, also improving the sales potential of the store itself,” explains Dutra.
The logic is simple: large areas that were once just parking will now house homes and businesses, with new potential customers for the markets.
“My interest in working in the group was precisely to make this transformation, to have this perspective on real estate development and urban redefinition”, continues the CEO.
The strategy also aims to unlock value in a large asset. Paseo Alto das Nações is an example in this sense: if in 1975 its location was in a peripheral area, today it is a dense and valued neighborhood. “The future has met the past, because this is the vocation that the group’s lands have”, says the CEO.
Other projects
In addition to the building on Marginal Pinheiros, two other developments have already been announced in the Interlagos neighborhood, São Paulo, and in Vicente de Carvalho, in Rio de Janeiro, both in partnership with the developer Riva and with an estimated overall sales value of more than R$600 million.
The CEO says there are plans for 50 more projects. “These are long-term projects. From the moment the deal is closed, until legal approval and construction begins, it takes two years, up to three years depending on the municipality,” she explains.
Not all projects will be multipurpose. The two new units announced, for example, will house only residential units and the hypermarket.
The level of the apartments also varies. The Rio de Janeiro unit, for example, is part of the Minha Casa, Minha Vida program. The properties will be valued at up to R$350,000 and will be intended for families with a monthly income of R$8,000.
In this sense, the CEO states that the rise in interest rates does not affect Carrefour Property’s plans. “Speaking specifically about the residential segment, with the stable job market, there are families and young people who are buying their first property.”
Other news should emerge soon. “There is another negotiation in Rio de Janeiro and another in São Paulo that we will announce soon, we have a plot of land in Curitiba that could be a new Alto das Nações, there are projects in Salvador, Brasília… There are 50 mapped out.”0
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