Re-Development Site in Puerta De Tierra

Discover the vibrant potential of San Juan's Puerta de Tierra sector, an area steeped in history and ripe for redevelopment. Just steps from the property, the stunning Castillo San Felipe del Morro offers a glimpse into the city's past, while the lively Paseo de la Princesa promenade beckons with its charming architecture and captivating waterfront views. Embrace the rich cultural tapestry of the area at Museo de Las Américas, or indulge in the vibrant local cuisine at nearby restaurants. With its prime location and proximity to iconic landmarks, this re-development site presents a compelling opportunity for the savvy multifamily and/or hospitality investor.

This property refers to the former El Vocero Newspaper headquarters, consisting of a 53,397 square feet, 3-story building, occupying a 2,512.39 square meters site. Consistent with the neighborhood's current revitalization phase, the former El Vocero building is scheduled to be rehabilitated and converted into a 44-room hotel with food & beverage and retail uses. Furthermore, a new 10-story luxury residential tower with eight 3-bedroom units is scheduled to be built within the site, just west of the main structure.

This represents a great opportunity for hospitality and multi-family developers and/or investors who will not only benefit from significant tax exemptions, but also from the surging property values in Puerta De Tierra.

Highlights:

Asking Price: $9,000,000 OBO
Tax Code #'s: 040-004-127-03; 040-004-127-10; 040-004-127-11; 040-004-127-12
Coordinates: Lat: 18.46528726, Lon: -66.10078790
Land Area: 2,512.3918 Square Meters, or 27,043.16 Square Feet
Zoning: C-3 & CT-3
Flood Classification: X (non-floodable)
Gross Building Area: 53,397 SF within three (3) levels - Basement (18,711 SF), 1st Level (17,343 SF) & 2nd Level (17,343 SF)
No. of Stories: Three (3)
Year Built: 1925
Renovations: 1950 and 1970
Proposed Plans: The former El Vocero building is scheduled to be rehabilitated and converted into a 44-room hotel with food & beverage and retail uses, while a new 10-story luxury residential tower with eight 3-bedroom units is scheduled to be built in the vacant lots west of the El Vocero structure.

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