Last October, the Maratué real estate project reached a key milestone after receiving approval from the Valparaíso Environmental Assessment Committee (COEVA). However, it now faces an equally crucial stage: the Committee of Ministers must resolve two appeals filed against it.
Maratué envisions the construction of up to 14,180 homes over a 45-year period, with 70% designated as primary residences and 50% of the land reserved for green spaces. A gradual development of 300 units per year is projected, including at least 2,000 homes subsidized by the Serviu (Regional Housing and Urban Development Service). The project will require a total investment of US$2 billion.
To navigate this new phase, the project’s owner, Inmobiliaria El Refugio, linked to the family office of businessman Óscar Lería (Osler Inversiones), launched a public relations campaign targeting officials from the Ministries of Health, Transportation, Agriculture, and Environment, through meetings arranged under the Lobbying Law. This initiative has been led by Felipe Lizana, the project manager, and Claudia Lería, executive director of Maratué.
On April 8, 2025, they met with Francisco Saffie, the Economic Regulation Coordinator at the Ministry of Finance. Also present were Juan Frigerio, chief architect for Norman & Foster in Latin America, and former Christian Democrat senator Patricio Walker, now a partner at the law firm Vergara Galindo Correa Abogados. The topic: “Presentation of the Maratué project before a potential session of the Council of Ministers of the Environment.”
The project manager’s objective is to obtain a favorable ruling from the highest administrative body of the Environmental Impact Assessment System (SEIA) and then commission an investment bank to find a strategic partner. However, the signal from investors has been clear: they will only join once the project has received approval from the Committee of Ministers. Since then, all the team’s efforts have been focused on obtaining this approval, which depends on the entity chaired by the Minister of the Environment, Maisa Rojas, and composed of the heads of the Ministries of Health, Mining, Energy, Economy, and Agriculture.
“The vote of the Committee of Ministers is fundamental to ensuring the project’s development, not only for the project owners but especially for its beneficiaries, given the enormous housing deficit in the area and the urgent need to conserve the valuable environmental attributes of this territory. This project has already gone through that stage, and we have addressed all the observations raised at that time. It is important to remember that every year of delay results in a postponement of a housing solution: the processing of this project has meant that 600 homes could have been built during that period. We hope it will be resolved as quickly as possible,” Claudia Lería, director of Maratué, told Pulso.
She added: “The process with an investment bank is planned to begin immediately after we receive the resolution from the Committee of Ministers.”
“We have been working on the preparations and refining the model so that we can launch a proposal that is consistent with the value Maratué represents as a national project,” he stated.
“It is very important to us that the future partner shares our philosophy. This is not a typical project, as it places the quality of life of its inhabitants and environmental protection at the heart of its proposal, with more than 10 years of planning, including international experts (such as Foster and Partners), as well as national and local experts. Potential partners must share our interest in the sustainable and comprehensive development of cities with a high quality of life,” he concluded.
300 Permits
The task is monumental, considering that, in its initial phase alone, the project will require at least 300 sector-specific permits, according to the project owner’s estimate. These authorizations range from land subdivisions, street openings, sanitation works, building permits, and basic service connections, to specific procedures with CONAF (National Forestry Corporation), the Directorate of Roads, and the National Monuments Council. Each of the more than 100 planned phases will require its own set of permits, which, according to the developers, entails a marathon of technical, legal, and administrative work.
Furthermore, they will have to process multiple Traffic Impact Mitigation Reports (IMIVs) as the different phases of development progress. Although the project received environmental approval without these reports, the Undersecretariat of Transportation recently issued observations on the matter. The real estate company clarifies that the IMIV is not part of the environmental assessment, but it will be required in subsequent phases, in accordance with current sector regulations.
In parallel, the dialogue with the authorities seeks to expedite responses from the Executive Directorate of the Environmental Assessment Service (SEA), which serves as the secretariat for the Committee of Ministers. This body must compile reports from the various public agencies before the vote on the claims. To date, responses are still pending from four entities: the Ministries of Environment, Health, Social Development, and the National Monuments Council.
The Communities
On June 24 and 26, two key meetings will be held to connect with the communities. At these meetings, the project architects will meet with housing committees to begin designing their future homes, gathering preferences such as the use of wood or concrete.
This process is essential for advancing the master plan, especially regarding subsidized housing solutions. The project owner’s objective is to maintain the continuity of the “urban core,” with a progressive density that combines technical and social criteria.
At the same time, the real estate company has begun fulfilling key environmental commitments ahead of schedule. The most emblematic project is the implementation of Quirilluca Park, a private ecological reserve where two park rangers are already working and monitoring of native flora and fauna has begun. The plan includes adding a third park ranger and strengthening partnerships with universities and foundations to promote environmental conservation in the municipality.
In addition, Inmobiliaria El Refugio is considering hiring an environmental engineer for the upcoming stages of the project, such as obtaining permits and engaging with the community.