The following year, he and his associates, who included Tomás Fürst Freiwirth and the Martínez Perales brothers, opened the Parque Arauco Shopping Center in the Las Condes municipality of Santiago, which contained retail stores Gala-Sears and Muricy (later owned by Falabella and Almacenes París, respectively).

Aided by an overvalued Chilean peso and an economic free trade policy, Chile was saturated with inexpensive foreign products when Parque Arauco Kennedy was inaugurated, and those who could afford to buy filled the new mall.

In 1999, PASA, in partnership with the Almacenes Paris and Ripley retail chain, completed the Marina Arauco Mall in Viña del Mar at a cost of $120 million.

In 1992, the company acquired a 25% share of the Centro Comercial Mendoza Plaza Shopping and later became a major investor in Argentine real estate in association with Inversiones y Representaciones S.A. (IRSA).

In 1994, IRSA and PASA became partners in Sociedad Anónimo del Mercado de Abasto Provedor (Samap), a joint venture to convert the former produce market in Buenos Aires to a shopping mall.

Located in Balvanera, a formerly Jewish barrio that was also the stamping grounds of Carlos Gardel, Argentina's well-known tango dancer and singer, it occupied five levels, with 189 stores, a food court, a multiplex cinema, entertainment facilities, and a children's museum.

In an interview with the new general manager, Andrés Olivos, for the Chilean magazine La Capital in 2003, reporter Lorena Medel contended that "it was rumored that Parque Arauco had had a grade-10 earthquake.

Olivos revealed that PASA signed a contract with Arauco Salud's new owners that would permit it to recover the $2.5 million debt incurred while constructing the 13-story tower.

[1] With the revival of the Argentine economy well underway, PASA was planning new shopping malls in Rosario, Neuquén, and Caballito, the latter two in collaboration with IRSA by means of APSA.

Alto Rosario Shopping, completed in late 2004 in partnership with Coto Centro Integral de Comercialización S.A., was a conversion of an old railroad station within the original structure.

In a 2005 article, La Capital proclaimed that PASA had "woken up", with its three Chilean malls fully occupied, the success of Boulevard Gastronómico, a strong financial structure, many new projects for the next two years, and intentions to enter the retail market.

The company was planning to construct 40 new Boulevard sites, a $20 million office real-estate project, remodel Arauco Maipú, build, in alliance with the Almacenes Paris and Ripley, a new commercial center in Curicó, and possibly financing retail businesses.

In Argentina, besides participating in the construction of Alto Rosario, PASA was preparing to increase its stake in APSA from 27% to 32% with the impending conversion of $200 million in convertible bonds to common stock.