I said it many times, the Velociudad Speedcity is just a ghost proyect, it’s never going to happen. Never. No one here “bought it” when the news arose around the globe, it’s just a businessboy trying to make an impression. There’s nothing to back the amount of money needed to build it and make it run, nothing.
About the Juan y Oscar Galvez: the track is pretty much in the same condition as it was back in 1980′s. The long loop and the back straight around the lake has been resurfaced recently, but the run off areas are in pretty bad condition.
The whole track is running, and it’s used many times during the year. Almost every weekend there’s a race held there. But if F1 were to come back to Buenos Aires, they’d need to completely rebuild it almost from scratch.
It’s in a zone of the city that’s being reactivated too. The Tennis stadium used for Davis Cup rounds is near the track, and recently Creamfields and many other concerts have been held in the racetrack itself. So it’s not bad at all. My university is close to the circuit too (btw, hearing racing cars blasting around the racetrack while at the university is as awesome as it gets!).
The problem is that the opposition is running the Ciudad Autonoma de Buenos Aires, where the circuit is located. So it’s basically the same situation as Potrero… it’s not going to happen there either.