Construction of Tolón Boulevard in Las Mercedes will begin on June 9, in what is shaping up to be one of the most significant urban development projects of the year for the municipality of Baruta.
The project, which is privately funded, aims to strengthen the district's position as the country's leading commercial and investment hub.
Mayor Darwin González stated that Las Mercedes has the potential for expansion of more than 330,000 square meters, which opens up opportunities for new real estate developments, businesses, and services.
““Las Mercedes represents one of the greatest opportunities for economic growth in Caracas and Venezuela,” he said. The project is expected to take four to five months to complete, with delivery scheduled for the last quarter of the year.
The project is led by Invaca Investment Company, whose director, Horacio Velutini, explained that the boulevard is the first phase of a broader plan for improvements in the area. The company plans to spend the $25 million between this year and early next year, in two phases: first, the corridor connecting the Tolón shopping center with Plaza Alfredo Sadel, along with investments in the modernization of the Tolón Fashion Mall; and finally, the construction of a roundabout designed to improve traffic flow.
Velutini described Las Mercedes as a “business hub” currently under development: an area of 93,000 hectares, divided into 512 plots, with between 10,000 and 12,000 residents and 1.5 million square meters of built-up area. An additional 250,000 square meters are currently under development, representing $400 million in private investment.
