With a $108 million investment, Nicholas Prouty, managing partner of Putnam Bridge, announced Tuesday the beginning of construction of Ciudadela’s third phase, which will include five towers, commercial spaces and private amenities for residents.
As part of Putnam Bridge’s commitment to the economic development of Puerto Rico and the renaissance of the Santurce area, the new phase will also include improvements to surrounding streets and a $6 million investment to create a public park “for the enjoyment of all residents and visitors of Santurce,” he said.
The company recently presented the Municipality of San Juan a $3.5 million check for building permits for this new development, the executive added.
“This new development goes well beyond Ciudadela, impacting the neighborhood of Santurce and San Juan with our commitment to create a public park and refurbish Antonsanti Street,” Prouty said. “Ciudadela has become our flagship investment, and marks the beginning of our long term plans for Puerto Rico.”
Ciudadela has become the trendsetter in the Santurce district, attracting young professionals and families in a community geared toward creativity, technology, and urban living. The development is completely sold out, with more than 200 units delivered in less than 18 months.
The complex houses more than 300 families, the offices of Álvarez-Díaz & Villalón, Joel Toro Pagán M.D, Seriously Creative and Foundation for Puerto Rico. It also includes prime commercial facilities including Planet Fitness (gym), Yolo restaurant, ‘El Estudio’ (yoga), Pueblo Supermarket, The Village and a Claro store. Soon it will welcome three new tenants: Vanity (hair salon), Techy’s (print service) and LaundryExpress (a laundromat).
In its third phase, Putnam Bridge envisions continuing its offerings adding amenities to enhance the Ciudadela experience. The new development phase will host more than 700,000 square feet of new construction, divided in 252 units, more than 50,000 square feet of retail space, 553 parking spaces, and 13,000 square feet of facilities, including a rooftop pool and clubhouse.
“It is more than developing homes, it is creating spaces that are great to live in, neighborhoods that promote life, creativity and recreation. We have taken our role in the transformation of Santurce and Puerto Rico very seriously,” Prouty said.
This new construction is set to follow strict eco-friendly energy standards and state-of-the-art technology, he said. Putnam Bridge is including eco-friendly materials like 80,000 kilos of recycled steel and 5,000 cubic meters of concrete, solar panels on the roof, plus doors windows and kitchen cabinets made from reprocessed materials, among others.
Putnam Bridge been active in Puerto Rico for the past couple of years, managing Ciudadela and Marina Puerto del Rey, the largest marina in the Caribbean located in Fajardo.