from 1942. 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. This partnership ended with the 1955 coup that deposed Perón, however, and its management was nationalized as Flota Argentina de Navegaceon de Ultramar. President Arturo Frondizi merged the fleet and management entities into Empresa Líneas Marítimas del Estado (ELMA) in 1960; ELMA was stripped of its cargo preference at the Port of Buenos Aires in 1991, and unable to privatize the carrier, sold its fleet piecemeal. The New Port's electricity supply has been principally supplied by the Dr. Carlos Givogri power plant. Built in 1930 by the Italian Argentine Electric Company (CIAE), its 71 m (233 ft) eclecticist façade is the port's most distinguishable architectural feature. The chief manufacturing firm located on the port district's premises is the Tandanor shipbuilding and repair facility. A worker cooperative since its 1999 bankruptcy, Tandanor operates with a Workers' self-management system, and remains the nation's largest shipbuilder. Puerto Madero redevelopment Puerto Madero, which served only ancillary port functions following the New Port's inaugural in 1925, was re-established as the Corporación Antiguo Puerto Madero (Old Puerto Madero Corporation), on 15 November 1989. 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. Most development along the eastern side consisted of new construction, as well as some of the most extensive parks in the city. 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. Increasing property prices have also generated interest in the area as a destination for foreign buyers, particularly those in the market for premium investment properties. The neighborhood's road network has been entirely rebuilt, especially in the east side. The layout of the east side consists currently of three wide boulevards running east–west crossed by the east side's main street, Juana Manso Avenue. The layout is completed with some other avenues and minor streets, running both east–west and north–south, and by