Upon turning sixty, and with the goal of creating a residential neighborhood from scratch, Óscar Lería Chateau, president of Osler Inversiones, purchased a plot of land exceeding 1,000 hectares from Moneda Asset Management in 2010. The property is located in Puchuncaví, Valparaíso Region.
Maratué is a project that aims to dedicate 70% of its units to primary residences. The plan envisions the construction of up to 14,180 homes over a 45-year period (a volume lower than the maximum permitted), with 50% green space, at a rate of 300 homes per year, to maintain the continuity of the urban core. At least 2,000 of these homes will be subsidized through Serviu (Regional Housing and Urban Development Service) projects.
Óscar Lería and his daughter, Claudia Lería Scarneo (46 years old), executive director of Maratué, share the details of the initiative that, just this past October 16th, received a favorable Environmental Qualification Resolution (RCA) from the Valparaíso Environmental Assessment Commission (Coeva). During its processing, the project underwent several modifications to obtain final approval. Now, the Lerías anticipate launching a plan in March 2025 to seek an investment partner.
Óscar Lería affirms that the initiative’s basic pillars focus on creating an urban project with social integration, without neglecting the area’s environmental conservation. “In Puchuncaví, there are 22 communities that no one is talking about in this dispute. They are the forgotten ones, and they will be the biggest beneficiaries,” he commented via videoconference from Spain.
According to the Environmental Impact Assessment (EIA) submitted to the Environmental Impact Assessment System (SEIA) in September 2017, the project will require an investment of US$2 billion.
“Now we want to find a partner, confident that the project complies with all regulations, and convinced that Chile is currently an excellent investment opportunity. We feel very confident in inviting someone to join us at this stage. Our idea is to bring on one partner now and, in three years, add a second, gradually sharing the investment burden,” explains Claudia Lería, who joined the project two years after the land purchase in Puchuncaví.
After obtaining the environmental permit, the next stage will be the engineering phase, followed by the construction phase, which will be phased in gradually. Sectoral approvals will follow, and only then will construction begin, always with the goal of complying with environmental regulations. This aspect will be led by Franco Venegas, socio-environmental director of Osler Inversiones, and will encompass various areas.
Óscar Lería responded to the demands of local environmental groups as follows: “I’m going to explain why the project can’t be done in stages. There’s also mention of an environmental group, a minority, that says they would prefer only the sanctuary to be built. Then there’s another group that isn’t opposed to building subsidized housing. But this is a comprehensive project, where everything is tied to the amount of money involved.”
The businessman reveals that, to date, they have invested approximately US$50 million.
Beginning
“We’re going to start with subsidized housing. We’re working with four housing committees, and the idea is that the first 300 houses will be for families in Puchuncaví. We made a commitment to these families and we’re very happy to start there. We’ll provide the land at the necessary price to make it viable within the Serviu (Regional Housing and Urban Development Service) formula. Then, we’ll develop another large plot of land, as demand for first-time homeownership grows,” adds the executive director of Maratué.
While the Ministry of Housing will be responsible for defining the dimensions of the housing solutions for the residents, Lería adds that they are working with the architecture firm BL Arquitectos, which specializes in urban design, and with the studio of renowned international architect and urban planner Norman Foster. “We’ve asked them to design these houses, although we can’t influence the square footage or the finishes. However, we can contribute to making the homes attractive and cutting-edge, in line with what people want,” she commented.
Norman Foster is a British architect, winner of the Pritzker Prize in 1999 and the Prince of Asturias Award for the Arts in 2009. In December, Osler Inversiones will bring Foster to Chile: the groundbreaking ceremony for the future housing will take place that month, alongside housing committees that hope to benefit from the project.
Lería added that construction will begin in 12 to 18 months, depending on the earthworks and engineering studies that are currently underway. There will also be a permitting phase that will require applications to various public agencies.
Inconsistencies
“We have committed $16 billion through the water utility, and this is where some inconsistencies arise. I wonder: why is it that when Maitencillo is announced, with a state contribution of almost $11 billion for 5,600 homes, no one questions whether Esval has the capacity to provide water to those people? However, when Maratué announces the approval of its Environmental Qualification Resolution (RCA) and we have invested $7 billion—not using the well water that we have properly registered—to build the first 4,000 homes over 12 years, the authorities question Esval’s capacity. That’s an inconsistency that doesn’t make much sense,” says Óscar Lería.