Caribbean Property Group LLC, announced Wednesday its transition from financial partner to managing partner and developer of Paseo Caribe, the upscale, open-air waterfront retail and residential neighborhood, overlooking the Condado Lagoon and Atlantic Ocean.
In this new and expanded role, CPG assumes sole control of all development and project management for residential sales, tenant mix, retail leasing and opening-related activities.
“We have assembled an outstanding and talented team to execute our vision and complete Paseo Caribe, redefining the luxury lifestyle experience in Condado,” said Barry Breeman, vice chairman of CPG. “We’re thrilled to take on this new role as managing partner and developer of Paseo Caribe, and today we are proud to top off the retail facility, parking structure and residences at Bahía Plaza, reinforcing our goal to complete the entire facility by spring 2013.”
This is the latest development for Paseo Caribe, which in April resumed the sale of its inventory of luxury oceanfront apartments, as News is my Business reported.
So far, Paseo Caribe’s residential offerings have experienced strong buyer demand with more than 70 percent of the Residences in Caribe Plaza sold, and over one-third of the residences in Laguna Plaza sold or contracted for sale since the recent re-launch.
These milestones “represent a significant sales achievement that reinforces CPG’s vision of creating a fully integrated waterfront lifestyle experience and reaffirms the market’s enthusiasm for the Paseo Caribe neighborhood,” company officials said.
With additional project enhancements currently under development, including the offering of the Residences at Bahia Plaza later this year, the demand for Paseo Caribe is expected to continue, they noted.
“There are many aspects a buyer looks for in the luxury residential market today — unparalleled location, product and service, along with the credibility of the developer — and Caribbean Property Group ensures all of these factors are met,” said John Tolbert, Principal/Managing Director, Revelation Consultancy, LLC, and Project Director for Paseo Caribe.
“Having CPG take on this larger role as developer further enhances the value proposition for Paseo Caribe and reinforces why our retail and residential offering is the product and address of preference for luxury real estate buyers in San Juan,” he said.
CPG has acquired, developed or redeveloped over $3 billion of real estate assets that span the residential, retail, commercial, industrial and hospitality industries in Puerto Rico and throughout Latin America, including the 1,400-acre Dorado Beach Resort, slated to reopen as the first Ritz-Carlton Reserve in the Americas in December, along with other hospitality assets such as The Ritz-Carlton San Juan.
“From Condado to Dorado, our business model has always been about credibility, reliability and trust,” said Mark Lipschutz, CPG’s CEO. “Our enhanced involvement with Paseo Caribe and our re-envisioning of Dorado Beach only reinforces and elevates the island’s luxury resort and residential offerings and our commitment to the growth and success of the Puerto Rico community.”