Leading Real Estate Developers Making Foreign Investment a Win-Win for All

Since their arrival in 2013, Blue Towers Ventureshas been leading innovation and sustainability in Paraguay’s real estate and infrastructure development. Their success is the perfect example of how foreign investment can be both highly profitable and a catalyst for economic growth and urban improvement.

“Our idea is not only to arrive and develop a project, but to understand what we can add to the city and how we can all benefit from it,” says Mr. Julio Hernandez, CEO of Blue Towers Ventures, representatives in Paraguay of Grupo Onyx, one of Guatemala’s largest conglomerates. Since their early days in the country, they have applied the group’s 40-year long expertise in real estate development and energy sustainability with projects that contribute to Paraguay’s economic growth by promoting knowledge transfer and new paradigms in urban development, as well as supporting local industries and providing jobs. For instance, their first major project, “Paseo La Galería”, not only introduced a new type of mall with two towers of integrated offices and a hotel, food court, open terraces, event center, gym area, and extensive parking; it also established new building parameters that have now become standard, like energy-saving technology in windows and groundbreaking formwork and metallurgic techniques. As Mr. Hernandez recalls, “when we first started, they told us the project would take 4 to 5 years to finish. So we brought around 500 people from Guatemala to assist local workers, created a new scheme in which we managed the entire construction process as a multinational company would, and we finished it in 2 years, providing considerable know-how transfer along the way.” Moreover, since the mall’s terraces stayed open longer and started functioning as a meeting point, they ended up transforming social dynamics in the city center too. “Before us, restaurants used to close early and the area was very quiet. Our terrace concept changed all that, and now it is very lively,” assures Mr. Hernandez.

On the other hand, Blue Towers Ventures has also distinguished itself for improving sustainability standards within the construction industry. Thus, they have developed techniques that manage excess building materials such as concrete, which is now recycled to make emergency stairs. In addition, they have created their own garbage disposal and recycling system that separates residues and sells them to other companies; and they maintain a long-term view when it comes to prioritizing locally-made quality materials and structural processes, like when they brought experts to teach new metallurgic techniques at the local plant instead of importing ready-made materials (which are now being produced and sold in Paraguay), or when they invested close to US$ 600,000 to build a drainage system because they understood that, as Mr. Hernandez says, “besides being a plus for our properties, it was a way to contribute to the government’s efforts and to the people’s well-being.”

Similarly, their future projects also share the innovative and sustainable mentality that has accompanied Blue Towers Ventures throughout their trajectory. They recently launched what will be their first real estate housing development, “Paseo 55”, which is set to become the tallest tower in the country and to redefine living standards in Paraguay’s capital. As Mr. Hernandez explains, the projected 55-stories high building will be located at the heart of Asunción’s corporate and residential center and will be surrounded by 4500 m² of green spaces and trails. Additionally, it will have direct pedestrian access to “Paseo La Galería”, 360° views of the city, top-quality finishes and state-of-the-art security systems, plus other amenities like a family pool, a games room, an outdoor deck, two parking lots per apartment and 30 parking spaces for visitors. With an investment of over US$ 100 million, this groundbreaking residential complex is expected to be delivered in 2028. On top of that, other future projects include a new mall, a warehouse complex, and an office compound, further demonstrating their strong commitment to Paraguay’s urban transformation.

Given all they have accomplished in the last ten years, there is no doubt Blue Towers Ventures has raised the bar in Paraguayan construction standards by innovating in architectural design and proposing disruptive and sustainable construction solutions. More impressively, they have done so while fully committed to promoting economic growth and well-being not only for themselves but for Paraguayan citizens too, thus illustrating how foreign investment can bring forth both profit and prosperity. Luckily for all, they will continue creating new projects that set new paradigms and challenge employees, suppliers, and partners to improve their own processes. After all, as Mr. Hernandez assures, they came here to stay.