It is located between the historic center of Mexico City and the Chapultepec Park area , just south of the Paseo de la Reforma , which is one of Mexico 's main commercial districts and its financial center . Since it was established in the late 19th century and early 20th as a haven for the wealthy leaving the city center , the colonia has been in near constant change . Most of the mansions built in the early part of its history have either been abandoned , converted into businesses or been taken over by squatters . However , it has had a cosmopolitan and intellectual reputation since its founding , which was reinforced with the influx of artists and intellectuals in the 1960s . The area has suffered deterioration since the 1980s , due to the 1985 Mexico City earthquake and other factors , but there have been efforts to return the area 's former prestige , including tourism promotion , historic conservation efforts and the urbanization of areas close to Paseo de la Reforma
1985 Mexico City earthquake
1985 Mexico City earthquake
Colonia Juárez, Mexico City