Lopéz Residence Hospitality Venue @ Aguadilla

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Property Description

The Lopez Residence located at 67 Calle Progreso currently enjoys property tax and income tax exemption. Originally built in 1914, this neoclassical property underwent significant renovations from 2021 to 2024.

The Lopez Residence has been completely transformed into a unique hospitality establishment attracting both local and international visitors as a cocktail bar & private event venue, with a focus on private bookings, curated events, destination weddings, film, tv and editorial uses. This commercial property encompassing approximately 2,300 square feet of interior space within a 339 square meter lot, enjoys a 33.5’ balcony & porch directly across the Aguadilla Courthouse.

The main property benefits from a Commercial Intermediate (CI) zoning, is fully permitted and operating, consisting of a high-end mixology services nestled between the main salon & bar area, three separate meeting rooms each with its own decor, comfortable women & man restrooms, and kitchen area. Additionally, a contiguous 145 square meter property also forms part of the property, potentially serving as parking area, development expansion and most importantly, the secondary entrance and access via Ruella Lequerica Street.

Restorations & improvements include: preservation of property architecture, original tiles, custom built doors & windows, branding decor by selected antiques from Puerto Rico, New York, Italy, Paris & Spain, among other; plus, new: electrical installations (220 V), plumbing, climate system of seven split A/C units, DMX controlled lighting + integrated sound, roofing, and finishes.

The Lopez Residence ongoing business operation has the potential to be expanded into a full service culinary & hospitality venue, maximizing its proximity to the Aguadilla Courthouse, numerous attorney & notary offices, governmental offices, residents, short term rentals and visitors in general seeking a destination. The property's current Commercial Intermediate (CI) zoning allows for a wide number of commercial uses, including, reverting back to full residential enjoyment, which is also an alternative for prospective buyers.

Location Description

The Lopéz Residence located in Aguadilla’s town core is a unique historical property currently operating as a boutique hospitality venue. The property is located directly across the Aguadilla Courthouse and surrounded by a diversity of governmental, commercial, educational & residential components, all of which create a strong demand for its ongoing culinary & hospitality services.

Highlights

- Location: The Lopéz Residence, is located at 67 Calle Progreso in Aguadilla and is officially registered in the National Registry of Historical Places as of 1985. Originally built in 1914, this neoclassical property underwent significant renovations from 2021 to 2024.
- Tax Exemptions: The property enjoys 100% property tax exemption and 4% tax exemption over the income produced from the rent of a building inside a historical zone in Puerto Rico. Effective tax exemption date is January 1, 2021. Tax exemption original term is ten (10) years, potentially renewable ten additional years (years 11-20).
- Permits: All permits related to liquor, food, music and entertainment of the ongoing business operation marketed as Lopez Residence are currently active.
Registry Information of the 339: Square meter main property (Solar 1) is Finca 2,949, Folio 25, Tomo 492 of Aguadilla, tax id number 045-036-120-09-001 and zoned as Commercial Intermidiate (C-I).
- Registry information of the 145: Adjoining parcel (Solar 2) is Finca 6,924, Folio 23, Tomo 156 of Aguadilla, tax id number 045-036-120-07-000 and zoned as Residential Commercial Mix (RC-M).
- Areas as per survey by Jose A. Lopez Morales, dated August 19, 2020.
- Zoning: The main property zoning consists of C-I, ‘Comercial Intermedio’ or Intermediate Commercial, while the adjoining parcel enjoys a R-CM, Mix Residential Commercial.