San Pedro Garza García, Mexico | Typology: Multifamily complex | Year: 2023 | Area: 4,000m2
Affordable housing design has become one of the greatest challenges for architects worldwide. Buying a home seems to be a dream that is increasingly difficult for the majority of the global population to achieve. In the case of the Metropolitan Area of Monterrey, Nuevo León, the second most populous city in Mexico, the per capita income of the region is one of the highest in Latin America. Likewise, San Pedro Garza García is famous for being considered the most expensive and "wealthy" municipality in all of Latin America. The advantages that the municipality offers are: it is the safest municipality in Mexico, it has a world-class police intelligence center, excellent basic services, and the urban and natural environment is simply astonishing. This makes the municipality particularly attractive to anyone living in the region. However, such high development (The Human Development Index of San Pedro Garza García is so high that it equals that of countries like Switzerland, Germany, and Luxembourg), has caused housing prices to literally skyrocket to millions of dollars in the last 10 years.
In addition to the price increase that the standard of living generates by itself, free land to build on in the municipality is increasingly scarce. As a consequence, multiple real estate development groups, both regional and foreign, have found a kind of gold mine in the construction of apartment towers and mixed-use buildings in the municipality. The problem is that, unlike investment in horizontal real estate development, where profit margins usually range between 10% and 20% on the investment, in the case of apartments, developers are obtaining returns close to 50%. Also, when constructing many levels, the municipality requires the construction of huge underground parking lots, which generates a cost that ultimately gets transferred to the end user. This leads us to the fact that, in a municipality where buying a home usually costs between $25,000 and $50,000 Mexican pesos per square meter (if we include the land), new apartment buyers are paying up to $100,000 pesos per square meter of construction in some of the city's most iconic complexes. A 100% markup!
To help solve this and as a real estate development challenge, AGUSTIN AND ARCHITECTS has decided to present a multifamily residential project with a design alternative to the typical vertical housing apartment construction. It is a set of 10 Townhouses and 10 lofts. The way we are helping the end user to pay much less per m2 is that on the first level there is a 100 m2 loft on one floor, while on the upper part we find a 2-level Townhouse of 210 m2, including a terrace with a grill on top. This proposal allows us to build using the same construction methods and the same budget as any 3-story house in the municipality of San Pedro, with the difference that both properties (both the loft and the Townhouse) share the price of the land, which, in terms of m2, is the most expensive component for construction in the municipality ($1,600 USD per square meter).
The result was surprising, it is a multifamily housing complex in which all the townhouses have a luxury design, have a garage for two cars right in front of their property and also have their own large terrace with a grill and with stunning views of the Sierra Madre Oriental. The market selling price is $12,000,000 Mexican pesos. In the case of the most expensive residential complex, the 210 square meter apartments are selling for $30,000,000 Mexican pesos! In our complex, you can find homes of 215 square meters for near half the price of the competition's apartments and for a third of the price of the region's most expensive development.
Townhouses San Pedro, an unbeatable lifestyle, for an incomparable price
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