The difficulty of transporting European goods from Lima fostered an active smuggling trade in Buenos Aires, and locals' reliance on contraband did not subside until after the 1776 establishment of the Viceroyalty of Río de la Plata.

Following this concession, exports (mainly salted meat and cowhides) flourished, and customs duties became the paramount source of public revenue.

Silt and other alluvial material from the Matanza River (south of Buenos Aires) prevented the opening of a sufficiently deep channel to facilitate shipping.

Proximity to the city was deemed essential to maintain the central government's fiscal control of its operations, mainly exerted through the collection of duties.

The distribution of these latter monies, the leading source of public revenue throughout the 19th century and as late as 1940, was the chief point of contention between Buenos Aires leaders and those from the hinterland.

The Executive Branch negotiated the transfer of public lands necessary for the project with Buenos Aires authorities, as these belonged to the provincial government.

The first dock was completed in 1888, and inaugurated on 28 January 1889, by the most prominent early supporter of the plan, Carlos Pellegrini (who was now Vice President of Argentina).

Located north of Catalinas Norte, this project was directed by Richard Souldby Oldham, Walker & Co., was delayed by the scarcity of material and financing brought about by World War I, and would ultimately require 15 years.

This would add a breakwater, five more docks, and then a sixth, to the existing infrastructure, and when these additions were inaugurated in 1925, the Port of Buenos Aires was the largest in Latin America, and the southern hemisphere.

[13] This fleet was nationalized in 1949 by President Perón, who established Flota Mercante del Estado (State Merchant Marine) while retaining the Dodero family as owners of the management concession.

Beginning around 1994, local and foreign investment led to a massive revitalization effort, recycling and refurbishing the red brick, warehouses along the west side of the docks into upscale offices, lofts, retail space, restaurants, private university campuses and five-star hotels.

[17] Puerto Madero has been redeveloped with international flair, drawing interest from renowned architects such as Santiago Calatrava, Norman Foster, César Pelli and Philippe Starck, among others.

Today one of the trendiest boroughs in Buenos Aires, it has become the preferred address for growing numbers of young professionals and retirees, alike.