Aguada Park in Uruguay has received a significant boost by announcing a multi-million-dollar investment to expand its office infrastructure. The project consists of constructing the Aguada Park Tower 4 building, which will cover approximately 10,000 square meters and introduce new urbanized areas for business and recreational purposes. This investment will enhance the capabilities of the free trade zone and further solidify its position as a leading business hub in Montevideo.
20-Year Extension Granted for Free Trade Zone Operations
The free trade zone Aguada Park in Uruguay has secured authorization from the Executive Branch to embark on this ambitious expansion, which entails a minimum investment of US$ 10 million. According to a resolution issued by the Ministry of Economy and Finance (MEF), “justified by the need to amortize the new investment to be made,” a 20-year extension has been granted for the operation of the free trade zone. This extension ensures long-term stability for businesses operating within Aguada Park in Uruguay and encourages further investment in its infrastructure and services.
Modernization and Infrastructure Enhancements
Aguada Park co-founder Roberto Yannuzzi emphasized the importance of this project, stating that the upcoming Tower 4 will incorporate various enhancements. In addition to modern office spaces, the development will feature a newly urbanized area with green recreational spaces, providing a more comfortable and dynamic environment for employees and visitors. The expansion will also include covered parking areas, dining facilities, new access points, escalators, and moving walkways, interconnecting various spaces within the zone. These additional amenities will contribute another 4,000 square meters, making the free trade zone more accessible and efficient.
Compliance and Approval Process for Expansion
Within the next six months, Aguada Park must submit an executive engineering and architectural project, a detailed descriptive and construction report, and either an approved construction permit or authorization for the early commencement of works granted by the Montevideo Municipality. This rigorous approval process ensures that all aspects of the development align with municipal regulations and urban planning standards.
Improved Connectivity and Business Integration
“The requested surface expansion is part of a comprehensive project that spatially and functionally connects the new site with the already authorized one through an aerial link that will unify the flow of people entering the free trade zone,” the MEF resolution detailed. This integration will streamline movement within Aguada Park, facilitating better connectivity between its different areas and improving accessibility for businesses operating within the zone.
Government Support and Economic Impact
According to the MEF, the project “contributes to the objectives of the free trade zone regime” and has already received a feasibility report from the capital’s municipal government. The National Directorate of Free Trade Zones has also indicated that the economic assessment of Aguada Park’s ongoing activities is “highly positive.” This endorsement highlights the significant role that Aguada Park plays in Uruguay’s financial landscape, fostering job creation and attracting international business ventures.
Strategic Location and High-Quality Office Space
In August of last year, the free trade zone requested an expansion of its prior environmental authorization to construct Aguada Park Tower 4, which will stand 50.4 meters tall in Montevideo. In that request, submitted to the Ministry of Environment, it was stated that the development’s purpose is to provide a new building adjacent to the existing one, “offering high-quality office spaces,” which would help “attract investors to develop remote work ventures linked to the international market, promoting high-quality employment.” This strategic initiative aligns with Uruguay’s broader goals of positioning itself as a competitive business destination in the region.
Construction Timeline and Capacity Expansion
The planned new construction in the La Aguada neighborhood will be located on the block adjacent to the current free trade zone on its southern side, with access from Colombia Street. The choice of location ensures that the expansion remains well-integrated with the existing infrastructure, facilitating seamless access for businesses and employees. Once fully operational, increasing the office space within Aguada Park aims to accommodate approximately 1,400 professionals, strengthening the zone’s capacity to support high-value business activities.
The construction of the new tower is expected to take approximately two years. Once completed, the office space expansion will represent a 37% increase, allowing Aguada Park to host more businesses and employees. The projected timeline for full occupancy is an additional three years, reflecting the anticipated demand for high-quality office space in Montevideo’s growing business ecosystem.
Aguada Park’s Role in Uruguay’s Economic Development
Aguada Park in Uruguay has established itself as a prominent free trade zone that attracts companies specializing in services, logistics, and technology. Its modern facilities, tax incentives, and strategic location have made it a preferred destination for multinational corporations and small enterprises looking to expand their operations in Latin America. With the latest investment and infrastructure improvements, Aguada Park is poised to enhance its appeal further, providing businesses with a state-of-the-art environment in which to thrive.
A Key Player in Uruguay’s Business Future
As Uruguay continues to promote economic growth and international investment, Aguada Park is crucial in supporting the country’s business development initiatives. The newly announced investment underscores the confidence in Aguada Park’s ability to serve as a hub for innovation and commerce. With a long-term operational extension, state-of-the-art infrastructure, and a strong commitment to sustainability and business growth, Aguada Park in Uruguay remains a key player in the country’s economic future.