Tax Exempt Hospitality Redevelopment Building

Located across from Plaza de Armas one of the main squares in Old San Juan, this corner building provides a great opportunity for a Hospitality development such as a Boutique Hotel. The building currently has an Alternative Tax credit for Tourism Investment of forty percent (40%) for a proposed project of a new hotel, consisting of three stories high plus a rooftop terrace with fifteen (15) rooms. The ground floor consists of a large lobby, leading to reception, the front desk, and a restaurant. In addition, there will be three retail spaces consisting of 7% of the total building, which will be leased by the Hotel. The terrace includes a rooftop bar and lounge, sun decks, and a spectacular pool on an upper level from the terrace and other ancillary facilities. Exempt from paying Property Taxes up to January 1, 2032.

The property has a prime location as it is within close proximity to great local restaurants, exciting nightlife, and historic buildings.

Don't miss this excellent opportunity of owning a great re-development asset in this highly desirable neighborhood characterized by brightly colored buildings dating back to the 16th century surrounded by cobbled streets, recreational plazas, famous Caribbean fusion restaurants, and cool cocktail bars.

Highlights:

• Property tax id: 040-002-046-13-001
• Asking Price: $6,500,000 OBO
• Stories: 3
• Flood: X (Non-floodable area)
• Coordinates: 18.46506874, -66.11596835
• Exempt from paying Property Taxes up to January 1, 2032.
• Alternate Tax Credit for Tourism Investment of forty percent (40%) of proposed project.
• Ninety percent (90%) Income Tax Exemption of proposed project.
• The property currently generates gross monthly rental income of approx. $20,000 equivalent to $240,000 annually.
• Currently four (4) tenants occupy the entire ground floor: Kenny Tsui Souvenir Shop, Hearts of America, Portofino Jewelers & Retailing Enterprises.