Just over a week ago, businessman Óscar Lería Chateau posted a video on Instagram, and, as he explains, it’s his first time doing so. “I’ve wanted to be out there for a while. Realizing that we have to live with fake news, lies, and disinformation, I don’t think it’s fair. Everyone has the right to speak the truth. And the only way to do it was in my personal capacity,” he explains. In his post, he talks about Maratué, the mega real estate project he’s leading with his sons in the Puchuncaví district. The project represents a US$2 billion investment to build approximately 14,000 homes over 40 years on a 1,024-hectare plot of land located between Maitencillo and Horcón, in the Valparaíso Region, in an area designated as urban according to land-use regulations.
The project, the largest real estate initiative currently under development in Chile, received a major boost on Monday, April 13, when it was approved by the Committee of Ministers, paving the way for its implementation after a decade of environmental permitting. Aware that some groups will persist in their opposition to the project and will likely resort to legal action, Lería explains that he plans to create five short videos on Instagram, which will detail the impact on the cliffs, the belloto trees, and other relevant aspects of the project.
“One has to step up and face the music. I don’t want to send anyone to say what we’re going to do. We’ve handled this very personally. My daughter Claudia and I have been personally involved with the Housing Committees, which are very important to me. Our project has been approved by three administrations: Piñera, Boric, and now Kast, in the Committee of Ministers. So, when you hear the opposition saying that everything is wrong, you become convinced that this is a political issue, not a technical one. And that’s regrettable. Because when I listen to Salvemos Quirilluca (Save Quirilluca), we think exactly the same way, we want to defend the same thing, the cliffs, and we are doing it. They are worried about the boobies, and we are also very worried about the boobies. We did a tremendous amount of work and moved 1,500 meters away from the coast. The wetlands: we said we were going to protect them, long before they were declared as such by law. We have 50% green space,” says Óscar Lería in this interview he gives alongside to one of his daughters, Claudia Lería Scarneo (CL), the executive director of Maratué. They explain that the project will proceed regardless, because any legal action does not invalidate the Environmental Qualification Resolution (RCA).
“This is a primary housing project for the middle class, the most neglected people in this country. It includes subsidized, social, and second homes, also for the middle class. Towards Horcón, you find vacant lots, houses with houses already built, and it still lacks sewage systems. A disaster. And people with money can afford it in Guanay, Maitencillo, Cachagua, Zapallar—those are just a handful of places in this country where they can do it. What does a middle-class person do if they want to go on vacation to the central coast? Where do they go? The Valparaíso Region has nowhere to grow. There’s a deficit of 85,000 homes. We have Norman Foster, architects who work for high-end segments, now working on a project for the middle class and for people with even fewer resources, like our housing committees. I’m over 70, turning 74, I have nothing to lose. People have the right to know the truth. My father was a laborer, he didn’t have a penny (see inset). The most beautiful thing about Maratué is “We’re going to give people without resources a decent standard of living, with a nature sanctuary, with a public beach where they aren’t segregated. This is for everyone.”
“We didn’t want anyone coming in and telling us, ‘We have to squeeze the lemon even more.’”
“Is that the legacy you want to leave?”
“No. That would be very presumptuous. The legacy I have worked on and wanted to leave is for my children to understand and care about those who don’t have enough. To never look down on anyone and to contribute to this country by building a business. Ten years ago, when we talked about social integration, many of my peers didn’t understand what we were doing. We don’t have a single partner. We did it all on our own because we didn’t want anyone coming in and telling us, ‘We have to squeeze the lemon even more.’”
Lería explains that they have already invested over US$50 million, financed so far with a mix of their own resources and bank loans. They financed, for example, the arrival of water, at a cost of $7 billion pesos, which “was paid for by the families,” says Lería, for the first 4,000 homes. They just met at Norman Foster’s office in Miami to kick off the second phase of their project, which involves defining the structural infrastructure and road networks, explains Claudia Lería, in order to subdivide the development, as well as preparing budgets, determining the locations of the different neighborhoods, and seeking partners. In this phase, they are working with three specialized firms: Alejandro Pizarro Asociados (APA), from Concepción; Francisco and Pablo Allard, specializing in territorial architecture and landscape design; and Pablo Larraín and Klaus Benkel, the architects who are liaising with Norman Foster’s team. “We expect to have a Gantt chart with the timeline in 90 days, so we can begin the sector-specific permitting process (…) We wanted to start yesterday,” the Lerías added.
The project envisions housing units, and the timeline anticipates laying the first stone by the first quarter of 2028, starting with social housing, “because they don’t have homes,” emphasizes Óscar Lería, explaining that he knows and has worked with the housing committees. “I know the neighborhood. I used to spend my summers in Quintero when I was a kid, from a very young age. I know the land, and it’s a place without water. I know the beaches: Los Enamorados, Papagayo, El Durazno, Loncura. I know their needs, and they’ve clearly been waiting a long time,” he added.
-What business model did you choose?
-It was always said that we were going to look for a partner. We came to the conclusion that the urgent housing deficit in this country deserves our immediate attention. And so, to speed up the process, what we’re going to do is partner with different companies in different niches. We’re going to participate with these different real estate companies. If this stalls, I don’t see how I’m going to be successful in 45 years. That’s why we’re going to stay involved in the business by participating in the different niches. With a 30%, 40%, or 50% stake. We’ll be on the board and we’ll have voting rights.
-CL: We decided this a month ago.
-Did the international partner ever come forward?
-CL: Several came forward.
-But we always had the apprehension that everyone wants to make some change to improve profitability. And we’re focused. It’s middle class. At most, on the coast for a second home, 8,000 UF. But the bulk of the project is 4,000 UF. There’s no luxury housing. What real estate companies lack is land. And we have the land. The novelty is that we don’t want to sell the land; we want to be in the business. And one thing that happened with potential partners is that they told me, “You can’t build subsidized housing because people will mix together on the beach.” Well, that’s precisely the point. That’s one of the advantages.
-Will you also be forming partnerships in subsidized housing projects?
-More than any other. At the Aconcagua construction company, I built over 10,000 homes with projects in Lo Prado and La Florida. We were the first to include green spaces.
“We’re not going to wait.”
-Is there a high probability or possibility that the project will be challenged in court? Are you prepared to persevere with the initiative if that happens?
-Yes, of course. We anticipate that it will happen. But we’ve already been through this. Environmental Assessment Report 1 under Piñera, Environmental Assessment Report 2 under the Boric administration, and now the Committee of Ministers. How can they all be wrong? We have an outstanding Environmental Assessment Service. They do their job well. The deadlines can be debated, but this has been thoroughly evaluated. We’re going to start now. We’re not going to wait.
-What is your response to all the complaints from organizations like Salvemos Quirilluca and Defensa Ambiental?
-1,500 meters is much more than what’s needed. They should contact Chinchimén, the organization that has been concerned about the boobies. They understand and are happy. Then there’s the size of the park. It’s the same size as Retiro Park in Madrid. O’Higgins Park is half the size of ours; 125 hectares is enormous.
-CL: Before we arrived, it was farmland; they planted lettuce, there were cows. Tell me how lettuce can grow and cows can be kept if it’s full of arsenic. They made us evaluate ourselves using the same standards as Las Salinas because they wanted to apply the law fairly, which is fine, and we passed.
-What do you think they want?
-I’d love to know what they want, if they would sit down and have a coffee with us. But they haven’t wanted to. They’ve never made any move to meet with us. We’ve offered it to them on several occasions. They don’t want to sit down at the table.
-CL: They want it to be philanthropic, for us to give it away. And what they don’t understand is that if we leave, another businessman or some other company will come and develop it anyway, because the land is zoned for urban development.
-Did you think it would take this long?
-Never. I originally thought three years. That was my estimate.
-Does the reconstruction project that the Government presented have the capacity to move the project forward?
“I haven’t seen it in detail, but what I like most about what the government is doing—taxes raised or lowered—is that I see a focus on providing more legal certainty. And the most important thing is legal certainty and reducing processing times. It’s worked very well in Spain. Here, you make a sworn statement and you can move forward. Now, if you don’t comply later, the penalties are severe. I think that would be a great step forward. The same goes for things being approved by default. Removing obstacles doesn’t mean doing things poorly.”
“For you as a business owner, are tax cuts or streamlined permits more impactful?”
“Tax cuts don’t affect us at all because we already made the decision to do them beforehand. It’s relevant in terms of Chile’s competitiveness. I was involved with an organization called the Ibero-American Business Council.” I know many business owners throughout Latin America, and they look at two things: taxes—which are higher than the OECD average, and that’s a burden—and legal certainty, knowing that you can’t go to court. We, 19 neighbors, managed to get 500 people into housing committees to live in our homes. The important thing is that the processes for obtaining legal certainty are expedited. What can’t happen is that a minister doesn’t grant us the rights, or we don’t. It makes no sense.
“I KNOW WHAT IT’S LIKE TO HAVE NOTHING”
Throughout several parts of this interview, Óscar Lería alludes to his own life story. “I started my life on Gran Avenida, at bus stop 31. I studied at Miguel León Prado school at first, and once my father had more money, we transferred to Saint George’s. Because he traveled to Europe in 1960 and realized that without English, you were in trouble. He transferred us all to a school where we could speak English. I know what it’s like not to have it,” he says.
“What’s that story?”
“My father, Óscar Francisco Lería Lería, was a factory worker in a shoe factory. He didn’t like what he did much because it was very repetitive, so he got a job at a package delivery shop, behind the counter. It was on San Diego and Franklin streets. He worked, saved up, and one day he wanted to retire and had the option to buy the business. And he bought it. Next door was the Quemada family; Raúl Quemada recently passed away. His father married my father’s sister. They made toasted flour. And they decided to join forces.” And then came Mr. Vicente Laya, who is still alive at 102 years old, the only one left from that time, who married my father’s sister. That’s how LQL (Lería Quemada Laya) was born. They started with a very small business making candied almonds. And they began to grow, as happened to many immigrants. They started making candies. At that time, we lived at Paradero 31 on Gran Avenida. And we spent our summers in Quintero. Later, we moved to El Llano, across from the Barros Luco Hospital, and we attended the Miguel León Prado School. After his trip to Europe, he transferred the five of us—my four brothers and my sister—to Saint George’s School on Pedro de Valdivia. I started in the first year of secondary school. Later, my father went into construction and emigrated to Spain, where his relatives lived. He had a real estate business. We’ve had a very successful family business experience, but one that started from scratch.
“And you?”
“I graduated as an accountant in ’74, in Spain. I came back to Chile on vacation and they gave me the opportunity to take over the Dos en Uno chewing gum company, along with Raúl Quemada and Roberto Laya, my cousins. The three of us supported the younger generation and moved south in ’80 because the boy was falling apart. I had a lot of involvement in that period, because my father and Raúl Quemada later dedicated themselves to construction projects, and he passed away last week. He was from another era, he graduated from UCAB in ’50. They gave us instructions.”
“From candy to construction. What happened there?”
“What happened was that when we were in Spain, my uncle, who was in his sixties, started doing real estate deals. All those things that Mancubierra and Bilbao de Alsina did for others. Later, he was fortunate enough to have his relatives teach him successful business ideas. Then he became mayor of Bilbao. And he gave us all the orders.” She always called me to help us out. After that, I came back.
-How has the integration of your children been? In your case, is there a succession issue?
-Of course, family values and my mother have always been the most important things in my life. Those who are in Maratué. Camila, in the area of the La Tapera Park Foundation, which is in Aysén. My son Óscar, who is the youngest and is a mechanical civil engineer from the Catholic University, is in charge of everything related to the investment office at WildSur. Catalina, an actress, has dedicated herself to raising them. And Ignacia is a lawyer. We have family gatherings twice a year. And I resigned from the WildSur board in December, taking another step back. Because I hope to be 100% retired in three years. Then, José Pérez completes the family with Oscar Lería—married to Ignacia Lería—and also includes Claudia Lería, Félix de Vicente, Patricio Rojas, Rodrigo Cuchacovich, and Oscar Lería (son). Lería explains that in Spain they continue developing projects on the Costa del Sol, in Marbella, primarily focused on second homes, with six projects currently underway. He details that they have already concentrated everything on WildSur. The success of the developments in Maratué, where Paola Luksic is involved, is a testament to Osler’s involvement. “Paola belongs to the Luksic Group, and we wanted Maratué to be a Lería and children project. We felt it would distract us from the rest. In fact, it has been a high-profile project; Andrónico Luksic’s brother-in-law is still involved because they celebrated their 40th wedding anniversary. And I learned that one’s work is very important and that what one does sells. So, when someone wants to publish something, they say ‘Andrónico Luksic’s brother-in-law,’ looking for likes,” Lería points out.
-Is it because of a desire to associate Luksic with the project?
-Of course, because the name sells.
-How did you meet Paola Luksic?
“I met her by chance. I have a friend, whose name I can’t reveal, and we went to the Luksic family’s house in La Parva. He was going to have a meeting with Andrónico, and I went with him. And while he was in the meeting, I met her. She was starting to study geology in England, and within 12 months she had dropped out, married me, and we both came to live in Chile. Love at first sight. This June we’ll celebrate our 39th wedding anniversary. Paola was very brave because she married a divorced man with two daughters who were living with me. All my children have always been together.
Why were you so interested in the La Cartuja company in Spain?
That’s Paola’s story, which is also mine. Gabriela and Paola have always loved ceramics. And by chance, they were looking for the company. She asked me to buy it, and I agreed because it meant keeping the neighborhood and our livelihoods alive. La Cartuja is very important for Seville.” This business has been a challenge, preserving a tradition. It was dormant for 30 years, but it was revived. And this year we met with Andrónico and learned about its impact. Also present were José Pérez, Paola Luksic’s brother—along with my son Oscar—and his daughter Gabriela.
Why did you invest in the A&G Private Banking project?
The reason they invested is through Patricia Rodríguez Fraile’s company, an exceptional woman who worked for Paola’s brother in London. We were in Spain, and they joined A&G’s private equity fund, which is a private bank where we participate, or if I’m not mistaken, they do. The most important part is managing it. Today, we hold a 7.5% stake. Others, like the Motta family in Panama and Rafael Nadal, hold 40%. But Nadal’s stake is larger, and ours is larger. We are well-known among long-term investors. We love Spain.