Uruguay: Cipriani Group’s Megaproject Advances in Punta del Este
Uruguay – June 17, 2025 – www.zonadeazar.com Six years after it was first announced, the ambitious Cipriani Group project to rebuild the former San Rafael Hotel from scratch is now showing clear signs of progress. With a total estimated investment of over USD 600 million, the development located in Punta del Este includes a hotel, casino, event center, private beach, and three residential towers—one of which will reach 320 meters, becoming the tallest building in South America.
The complex opened its doors this week to allow authorities and media to witness the current status of the construction. The event was led by Giuseppe Cipriani and brought together national legislators from across the political spectrum.
The reconstruction of the old hotel, demolished in April 2019 due to deterioration, was a condition imposed by the Maldonado Municipality, which required preservation of the original façade and adherence to the 1948 architectural plans, emblematic of the resort town’s golden era.
At a press conference, Cipriani explained that the hotel, casino, and event center are under construction, with an inauguration scheduled for October 2026. The first tower—which includes the first 15 floors designated for the hotel—is expected to be fully operational in 2027.
Marco Stephan, the engineer in charge, highlighted the technical challenges of building a 320-meter tower. “We had to install a foundation with 81 piles, each 20 meters deep, with 8 meters embedded in rock and 1.60 meters in diameter. Each must support nearly 3,000 tons, and tests reached 6,000 tons—something never done before in Latin America,” he said.
Just for the pile cap, 4,600 m³ of concrete were used—twice the amount needed for a 15-story building with a 400-meter floor area. The steel structure to be placed on that concrete core was developed with support from New York-based engineering firms, with tests in Australia, and includes professionals from Uruguay, Brazil, Argentina, the U.S., and other countries.
The entire complex covers 170,000 m². The first phase, including the hotel and one tower, represents an investment of USD 450 million. 50% of that tower has already been sold, including a USD 17 million penthouse purchased by an Italian buyer. The price per square meter is around USD 11,500, according to Alejandro Dotti, head of sales.
Buyers come from Brazil, Argentina, Paraguay, Italy, Russia, and the U.S. “We have a very diverse clientele. The most expensive penthouse was purchased by an Italian,” Cipriani said. “This project will transform Punta del Este. It will be the best resort in Latin America, with services that currently don’t exist in the city, attracting a new, world-class type of tourism,” he added.
Currently, there are between 450 and 600 workers on site, and once operational, the resort is expected to create around 800 jobs. “We’re developing technology and innovation from Uruguay. The load test on the piles was the most ambitious in Latin America,” Stephan emphasized.
Cipriani also highlighted the support of both national and local governments. “We met with President Yamandú Orsi and received full backing. We also worked with the Municipality to adapt the project during the pandemic, which gave us time to redesign and get approval for the building height,” he said.
The presentation to legislators aimed to demonstrate that the commitments made to the government and the public are being fulfilled. “People said this wasn’t progressing, but the pandemic halted the entire hotel industry. Today, we are proving that this project is a reality,” Cipriani concluded.
Edited by: @_fonta | www.zonadeazar.com