Banco Itaú has just purchased a 1,200 square meter plot of land on Avenida Paulista, next to Fiesp's headquarters, where it intends to build a new tower to house its cultural center, currently in a building on the same avenue in São Paulo designed by Roberto Loeb. The land alone, measuring 200 square meters more than the space of the current headquarters in the first blocks of the avenue, cost the bank's coffers R$50 million. The total budget for the new project, however, was not announced by Itaú. At the moment, a dozen architectural firms, all Brazilian, are preparing proposals for a competition launched by the bank to design the new headquarters of Itaú Cultural — Metro Arquitetos, the firm that designed the new Masp annex, the most recent and most controversial project to take shape in Paulista, is not participating in the competition. The bank still does not know whether it will keep the current headquarters of Itaú Cultural in operation, but the institution's directors say that it is possible for the two buildings, the current one and the new one, to operate together on Avenida Paulista. With this, São Paulo's postcard address gains another cultural space, in addition to others such as Casa das Rosas, Japan House, Masp and Instituto Moreira Salles. LINK PRESENT: Did you like this text? Subscribers can access seven free accesses from any link per day. Just click the blue F below. your subscription could be worth even more Do you already know the advantages of being a Folha subscriber? In addition to having access to reports and columns, you have exclusive newsletters (find out here). You can also download our free app from Apple Store or in Google Play to receive alerts for the day's main news. Your subscription helps us provide independent, quality journalism. Thanks! your subscription is worth a lot More than 180 reports and analyzes published every day. A team with more than 200 columnists and bloggers. Professional journalism that monitors public authorities, conveys useful and inspiring news, counteracts the intolerance of social media and draws a clear line between truth and lies. How much does it cost to help produce this content? SUBSCRIBE FOR R$ 1.90 IN THE 1ST MONTH