After the closure of the Aquarium of Mar del Plata, which for 33 years was a tourist and entertainment icon, the fate of the nine-hectare property in the area of the Lighthouse became one of the most discussed topics in the city. The strategic and commercial value of these lands awakened the interest of two Argentine business giants: **IRSA** and the **Coto family**, who seek to transform this historic space into a new hub for real estate and commercial development.
The closure of the Aquarium in March 2025 came after an agreement for renewal could not be reached with the **Peralta Ramos** family, the landowners. This opened the door to large-scale investment projects.
On one hand, Grupo IRSA, led by **Eduardo Elsztain**, plans to build luxury towers facing the sea aimed at the ABC1 segment, complemented by a shopping center. According to reports, the company had made an offer of around **20 million dollars** for the property. However, its progress depends on the City Council approving an exceptional ordinance to the Territorial Order Code (COT), an essential step to enable the scale of the project.
At the same time, the Coto family, which is already expanding its presence in the city with the opening of a second branch in the Port, has also shown interest in the land. Through **G&G Business Developments**, directed by **German Coto**, they gained international experience with the inauguration in Miami of the Aston Martin tower, which has 66 floors and 391 residences. This background fuels expectations that they could replicate a high-impact project in Mar del Plata.
The backdrop of this dispute is linked to the transformation of the Mar del Plata skyline, with several real estate ventures aiming to reposition the city within the global real estate market. The heirs of Patricio Peralta Ramos, founders of the city and owners of several lots and beaches in the south, play a key role in this urban transformation.
Beyond the million-dollar figures, the controversy also revolves around the **social and urban impact**: the use of an emblematic property that has been home to sea lions, dolphins, penguins, and whales for decades, and which could now become one of the most ambitious real estate projects in Mar del Plata's history.
The dispute between **IRSA and Coto** for the former Aquarium property reflects how Mar del Plata is at a turning point between its history and its future. The city faces the challenge of balancing the attraction of million-dollar investments with the preservation of its cultural, environmental, and social identity. What happens at the Lighthouse roundabout will not only determine the fate of those nine privileged hectares but will also chart the course for urban development on the southern Mar del Plata coast for the coming decades.
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