The Tánica group, owned by the Schiess family, decided to activate two housing projects in the country: one in the Vitacura commune and the other in Frutillar, which add up to investments of US$37 million.
However, the conglomerate acknowledged that it is being extremely cautious with its new real estate developments, given the difficulties that the brick and mortar business has experienced, with a string of construction company bankruptcies. Everything, product of the drop in home sales (given the strong rises in mortgage loans), to which was added the rise in material costs (up to 30% in twelve months) and labor, among various other factors.
Despite the difficult scenario, the conglomerate reactivated the development of its initiative called Barrio Lo Recabarren, in the Santa María Manquehue area, Vitacura commune.
After several false starts, the group began the construction of 21 townhouse-type homes (semi-detached houses with their own patio), corresponding to the first housing stage of their master plan, which considers the development of a 20-hectare plot.
The housing initiative is located next to the current corporate building of the group led by Christoph Schiess, at Av. Santa María 5,888. On one side of it, the conglomerate built another office building.
The delivery of the houses -whose design was in charge of the Izquierdo Lehmann architects’ office- is planned for the second half of next year. The values start at 28,960 UF, equivalent to just over US$1 million.
The complete project – which will be built in an estimated period of about 15 years – initially considered the development of a total of 1,175 homes, including apartments and houses, as well as three additional office buildings. Everything, with a cost of more than US$ 500 million.
However, the holding company is making modifications to its master plan given the current market conditions. For this reason, regarding the future stages, the company has not yet defined anything. In addition, it is estimated that the associated investment rose significantly, given the increases in the prices of construction materials and labor.
“Regarding new developments in the sector, we have nothing concrete to announce, since it has been a very challenging year for real estate and construction companies, where there has been a sharp rise in construction costs, greater financing difficulties for both developers and for buyers, which has affected demand and makes us more prudent with new investments”, said Trinidad Silva, Commercial Manager of Tánica Inmobiliaria.
Now he started with the development of townhouse-type homes (semi-detached with a private patio) on the Vitacura land.
However, he specified that during 2023 it is scheduled to start the execution of a 7,500-square-meter private park that adjoins the houses under construction, which will be developed by the architect and landscaper Juan Grimm.
In parallel -and taking advantage of flexible work trends and changes in the office market- the conglomerate created My Office, a cowork 100% developed and managed by the group in the Tánica A Building. It has private spaces and workstations free.
Leasing flexible offices is the same trend that the company Cencosud introduced in the skyscraper of its Costanera Center complex in the Providencia district.
The Schiess family bought the land in Santa María de Manquehue in 1970. But 36 years passed before, in 2006, the so-called Barrio Lo Recabarren began to take shape. Thus, while the first tenders for the masterplan of the project were being developed, the construction of the first office building was carried out in 2010. Almost a decade later, the second building was built, which includes offices and commercial premises.
The businesses of the conglomerate –founded in 1954 by the German businessman Guillermo Schiess- are divided into three areas. The most relevant is precisely real estate. They also participate in the hotel and tourism industry (with a presence in Osorno, Rapa Nui, Atacama and Uruguay), and in the productive business (with Puyehue mineral and agricultural water, as well as Penco Docks). Meanwhile, the firm stopped investing in renewable energy.
Along with this, the family led the development of the Teatro del Lago in Frutillar.
Precisely in this area of the Lake District, the Tánica Inmobiliaria firm is preparing the development of a residential project consisting of 17 sites and 25 houses. The initiative is located specifically at the intersection of Richter streets with Av. Alemania.
The firm plans to start the construction of this work at the beginning of 2023 and the delivery of the houses is scheduled for the second half of 2025.
The project consists of two house models, which start at 12,490 UF (more than $430 million), and the sites are sold from 4,190 UF (about $145 million).