The municipality of Necochea, in Argentina's Buenos Aires Province, has taken its next steps in the redevelopment of the former Casino Complex.
The latest measures follow the June auction in which five of the site's six parcels were awarded to A Toda Vela Mar. The municipality has now formally transferred possession of those parcels to the company, allowing work on the site to begin.
At the same time, officials have set the minimum auction price for the remaining Auditorium Theater, the only parcel of the complex yet to be sold.
The municipality formally transferred possession of the five previously auctioned parcels to A Toda Vela Mar, which acquired the properties for ARS 4.878bn, marking another step in the redevelopment of the former Casino Complex.
Separately, Banco Provincia valued the remaining Auditorium Theater, designated Parcel C, at ARS 575.7m. Based on that assessment, the municipality set a minimum auction price of ARS 383.8m. Officials said the figure will serve as the starting bid for the auction, with the property to be awarded to the highest bidder.
The future sale will not alter the site's zoning status. Under a 1981 local zoning ordinance, the property must continue operating as a theater regardless of the successful bidder.
The transfer of the five parcels and the valuation of the remaining Auditorium Theater mark the latest developments in Necochea's plan to restore and redevelop the former Casino Complex, which has remained largely vacant since casino operations ceased.
Opened in the 1970s, the Casino Complex was once home to one of Buenos Aires Province's largest seaside casinos before years of deterioration and a 2020 fire accelerated plans for its redevelopment
