The waterside project, known as The Aleph, comprises three residential blocks built around an 'urban' plaza featuring a covered market square, galleries, shops and cafés. Phase one comprises a nine-storey apartment block enclosing a landscaped courtyard.
A floating island clubhouse featuring swimming pool and spa together with a 100-room hotel will be added in phase two.
The Aleph forms part of the regeneration of Puerto Madero, a disused industrial port close to Buenos Aires' financial centre. The design, which draws inspiration from the architectural legacy of the Belle Epoque era, blends new build with selective refurbishment of existing architecture.
A Foster & Partners spokeswoman said: 'Drawing on vernacular traditions of courtyards and open terraces, the scheme promotes outdoor living and a rich public realm, which has a particular resonance with the local lifestyle and climate.
'It will create a new waterside community with generous civic space at its heart, offering the opportunity to experience art and culture,' she added.
The project is scheduled to open in 2010, the bicentennial of the Argentinean Republic.
Foster makes debut in Latin America with Argentina scheme