Major Mixed-Use Development Approved Near Caracas CBD

The Metropolitan Municipality gave final approval Thursday night to a massive new mixed-use project—Parque Central Sur—that will rise along Avenida Bolívar, just three blocks south of Plaza Venezuela. Backed by Grupo Betania and local partner Consorcio Carabobo, the development is set to deliver more than 80,000 square meters of new commercial, residential, and community space in the heart of the capital.

The long-anticipated sign off from city authorities comes as downtown Caracas faces mounting pressure to modernize. Rapid population growth, coupled with recent private investment surges around Bellas Artes and Sabana Grande, have pushed office vacancy to a three-year low and sent home seekers scrambling for central addresses. Urban planners with the Alcaldía Libertador say the new project is key to unlocking underused land near the bustling transport and cultural hub.

El Conde Poised for Transformation

Parque Central Sur will stretch across several city blocks bordered by Avenida Bolívar, Calle El Conde, and the Centro Simón Bolívar complex. The site has languished since a failed hotel project in the 1990s left a patchwork of construction debris and informal parking lots between Teatro Teresa Carreño and the Parque Central twin towers. Plans filed in March show three residential towers, a 14,000 sqm indoor marketplace for local retailers, and a public plaza with a direct pedestrian link to Metro Teatro stations.

Developers have promised a minimum of 550 new apartments, ranging from 38 to 120 square meters, along with a 220-room business hotel slated to begin construction in November. Recreation zones, a childcare facility, and 4,500 sqm of affordable workspace for startups and tech businesses are also cited in the approved plans.

New Capacity in a Tightening Market

Rental prices in the central district jumped 17% year-on-year, according to figures from Caracas Real Estate Observatory published in May. Listings for two-bedroom flats in the nearby Las Mercedes area crossed the 850-dollar mark per month in June, while retail rents near Sabana Grande surpassed their pre-pandemic highs, hitting 22 USD/sqm. "This is precisely the new stock we need to stabilize pricing in the urban core," said one planning official after Thursday’s approval session.

The first phase, including the indoor market and half of the residential units, is scheduled for delivery by the end of 2028. Grupo Betania declined to disclose presale figures, but local agents expect demand for the smaller units to be brisk given the short supply within walking distance of Plaza Venezuela and Universidad Central de Venezuela.

With demolition teams set to move in by September, the city says neighbors and local traders operating from the current parking areas will receive direct relocation support under the Programa de Reasentamiento Transitorio. Residents interested in new unit lotteries or commercial occupancy are encouraged to register with the Oficina de Atención Vecinal from July 10. City authorities will begin weekly public updates on Avenida Bolívar traffic impact and construction timelines later this month.