'Dolfines Guarani' on the waterfront (Photo: Alejandro C.M. Alberto)
Staring up at the brand-new, 43-storey waterside towers, you’d be forgiven for thinking you were in Buenos Aires. Or perhaps even Miami. But the twin giants—called the “Dolfines Guaraní”—are soaring above Rosario, a city of around one million in Santa Fe province that is undergoing an architectural revolution.
Rosario, situated around 300km from Buenos Aires in Santa Fe province, has its origins as a port city on the bank of the Río Paraná. It is perhaps best known as the birthplace of Ernesto “Che” Guevara, and the place where the Argentine flag was raised for the very first time, on 27th February 1812. In fact, the city has a much darker and more interesting history: for a long time Rosario was ruled by smugglers and Italian mafia groups of international infamy, leading some to nickname it the ‘Chicago of the South’.
Today the city stands out for its political leanings, after more than 22 years having the only socialist provincial government in Argentina (recent elections in the city and province confirmed another four years of socialist rule). And in recent years, Rosario has become the city with one of the greatest rates of economic growth in the country, which has sparked a flurry of major architectural developments.
Nowhere is the change more radical than in the Puerto Norte, around 100 hectares of land formerly used for cereal ports by the Paraná. In the same complex as the ‘Dolfines Guaraní’, another high-rise, the ‘Torre Embarcadero’, and the city’s first grade A office building, ‘Nordlink’, stand tall. This building will soon house the provisory offices of Argentina’s first World Trade Center, which, when constructed over the coming three years, will become another emblematic real estate development, putting Rosario on the international business map.
Another two 44-storey towers and an international hotel chain are being constructed on the same block. Just opposite, the ‘Ciudad Ribera’ project will be the city’s first mixed-use complex, incorporating apartments, offices, shops and a 5-star hotel.
Darío Giogiosa, Sales Director at INGECONSER, the Spanish company behind the ‘Ciudad Ribera’ development, describes it as a “mega venture”.
“The development, which will include eight buildings, three underground car parks, and a large public square spread over a total 109,600m2, is aligned with the Rosario municipal government’s plan to regenerate the river area,” said Giogiosa. “it will involve an estimated US$95m in investment over 42 months.”
Another of the premium real estate projects that are changing the landscape of the city is the most expensive casino in Latin America (with a US$270m investment). Financial analyst Salvador Di Stefano notes that the casino has a strategic location, with easy access from the Rosario-Buenos Aires highway, and from any point in the region. “The size of the investment is related to the need to accommodate lots of people. The casino is crowded every day of the week – sometimes there’s not even room to gamble – its shows are sell-outs, and its restaurants are always full. It is no coincidence that tourism in Rosario has exploded with the arrival of the casino.”
The number of people visiting the casino is also reflected in the taxes it pays: it has been reported that the casino alone contributes about $11m to the Santa Fe province budget revenues.
Waterfront construction (Photo: Alejandro C.M. Alberto)
Boom Town
The wave of construction is changing the face of Rosario: the ‘Dolfines Guaraní’ towers are visible from any point in the city, while the central square in the ‘Ciudad Ribera’ will become an open, public space.
Among other things, the new projects in Puerto Norte have created around 1,000 construction jobs and will provide 1,500 new premium apartments in the city, with an exclusive view of the Río Paraná.
According to Giogiosa, “each building will include high-end and exclusive amenities, such as an indoor, climatised swimming pool, sauna, spa, gym, common room with a parrilla, and an industrial kitchen. On top of all this is the ample car parking space [a major problem for the city today].”
This type of construction, which has only been seen in Rosario in the last few years, reflects the sustained growth that the city has experienced of late, especially in terms of real estate developments.
Financial analyst, Salvador Di Stefano, says: “What is going in Argentina is that people are confusing the role of a building with the role of the banks. Since there have been so many different events that has created distrust in capital markets or any other financial instrument, people seek refuge in bricks and mortar.”
Di Stefano adds that Rosario is at the geographical heart of the country’s booming soy industry. “We are soy producers, and we are in a core zone. In the last ten years production has increased by 150%, while prices have risen four-fold. In total, this area generates US$14bn … [and] all of these rural profits spill into the urban centres.”
This remarkable growth explains why foreign investors see the city as an opportunity to develop such significant real estate projects. Giogiosa adds that the proximity to the Río Paraná – a major trade route – is another attraction.

