Development took place on a lot sold by Grupo Château (the local builders of the neighboring
Château Puerto Madero Residence) for US$35 million to
Madrid-based developer Rayet for the construction of the Hotel Único Buenos Aires. Originally scheduled to open at the end of 2010, the Hotel Único project was canceled. Rayet sold the lot to Anglo-Argentine developer, David Sutton, the proprietor of the
Alvear Palace Hotel, on 5 March 2010. The construction of the Alvear Tower started in March 2012 and was completed in 2017. The skyscraper is budgeted at US$130 million. ==See also==