Caracas City Council Approves Landmark Mixed-Use Project Near Plaza Venezuela

The Caracas City Council on Thursday evening unanimously approved plans for a sprawling mixed-use complex on Avenida Libertador, in a decision property insiders say will kickstart the biggest private-led development in the capital since 2012.

The council signoff grants Grupo Nova Residencial permission to begin construction of four high-rise towers, a two-level retail promenade, and nearly a hectare of public green space near Plaza Venezuela. The project’s site stretches between the Colegio de Ingenieros station on Metro Line 1 and the Edf. Central Caracas on Calle El Lago, an area that’s seen little new investment in the past decade.

CBD Rejuvenation Gathers Pace

Approval of the Avenida Libertador scheme comes at a time of renewed focus on city-centre revitalisation. Proponents argue that Caracas needs substantial new housing near major transport corridors, especially as demand grows in the wake of ongoing population shifts from suburban municipalities back into the capital’s core neighbourhoods. The renewed energy along the central axis, where the Centro Empresarial Libertador and the iconic Torre Polar draw workers and visitors daily, is translating into investor interest not seen since the last property cycle fizzled out in 2018.

Local analysts point out the area’s strategic value: less than 800 meters from University City, the project will offer immediate access to two metro stations and improved connectivity to Sabana Grande, Chacao, and Las Mercedes. "With the lack of new quality stock in the heart of Caracas, this approval is a green light for further private development," one property consultant told The Daily Caracas, highlighting the city’s pent-up residential demand after years of economic and political turbulence.

Detailing the Plans and the Numbers

According to documents submitted by Grupo Nova Residencial to the Metropolitan Planning Authority, the four towers will collectively provide 2,300 residential units ranging from compact studios (starting at USD $46,000) to larger three-bedroom apartments priced up to USD $156,000. Retail tenants are expected to include a major grocery chain and a flagship branch for Banco Mercantil, while nearly half of the ground-level space will be allocated for community services and small businesses.

The developer estimates construction will create over 2,000 temporary jobs, with delivery of the first residential units scheduled for late 2028. Property sources indicate that the neighbourhood’s average resale price per square metre hovered at $1,172 in the first quarter of 2026, meaning the new scheme is likely to anchor values well above present averages. Grupo Nova forecasts a total private investment of USD $280 million for the project’s entire six-year pipeline.

The site, previously occupied by state offices and a shuttered transport depot, has long been considered underutilised. Its transformation will notch a major milestone for the city’s Plan Centro 2030, which prioritises mixed-use development and densification in the high-access triangle between Bellas Artes, Zona Rental, and the Salvador Allende Museum.

What’s Next for Residents and Investors?

Preparatory works will begin in September, with traffic diversions planned for the section of Avenida Libertador between Calle El Lago and Avenida Maracay. Prospective buyers interested in presale opportunities can register directly with Grupo Nova starting October 15; details will be published on the developer’s website and through participating realtors in El Rosal and La Castellana.

Neighbouring community councils have already started consultations with the city’s Participatory Urbanism Office to address local impacts, including transport integration with the TransCaracas BRT corridor and expanded green corridors to Parque Los Caobos. City officials are due to hold their first public information session at Casa Anauco on July 17.

With the project’s approval, planners say all eyes are now on how the Avenida Libertador corridor will balance growth and liveability. If timelines hold, Caracas could see the first new residents moving in by Christmas 2028, a concrete sign that the capital’s urban core is rediscovering its appeal and potential.