Building a billion-dollar real estate development is never an easy task. Much less of an easy task is building a billion-dollar real estate development on an area that could best be described as a trash heap. But such is the skill and vision of JHSF Participacaoes CEO Jose Auriemo Neto that he is capable of transforming nearly any site into a world-class luxury real estate development.
One such case was the development of the Parque Cidade Jardim, a sprawling, high-end luxury real estate complex that has proven to be one of the most successful in the history of Brazil. Today, Parque Cidade Jardim is the centerpiece of the Sao Paulo metro area. It boasts millions of square feet of the most luxurious commercial and residential real estate floor space in the city as well as the single largest luxury shopping center in the country. The complex has been a runaway success, achieving 100 percent vacancy before it was even complete.
But the fact that it even exists at all is an astonishing thing. Back in the year 2000, a young executive by the name of Jose Auriemo Neto first spotted the property, located at the intersection of two of Brazil’s most heavily trafficked highways. At the time, he took the idea to his father, legendary real estate developer Fabio Auriemo, who quickly shook his head and told him that he did not believe that it could ever be turned into a profitable venture. But Auriemo Neto was certain of the math. Even though the property consisted of nothing more than a trash-strewn wasteland with a number of badly decaying and derelict buildings, Auriemo Neto easily saw through the superficialities of the deal. Within one year, he had raised the necessary capital and was beginning the groundbreaking ceremony on the vast project.
Construction took little more than a year. By 2003, the first residents and businesses were moving into the radically transformed property. The entire area significantly beautified the city, leading to positive knock-on effects, with other desirable tenants wishing to move closer to the highly sought-after complex.