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Parque Arauco Buys Into $44M MXD Project

SAN ANTONIO, CHILE-The regional retail developer takes a majority stake in the 617,854-sf Paseo del Pacifico Mall that features shopping, a hotel and gaming.

By Ian Ritter | Updated on March 28, 2008

SAN ANTONIO, CHILE-Parque Arauco S.A., a Santiago-based retail developer, has acquired a 51% stake in Paseo del Pacifico Mall, a $44-million 17-floor project here totaling 617,854 sf. The project includes three floors of shopping, a casino and a 11-story hotel.

The other owners of the project are its anchors. Argentina-based hotel and gaming operator Ivisa will control the casino-lodging portion of the development, while grocer Lider and department-store chains La Polar and Paris will own their anchor spaces.

The partners expect to complete the casino portion of Paseo del Pacifico by the end of the year and the retail space by the close of 2009. The development will also feature a two-story parking garage.

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