Paseo Caribe resumes sale of luxury oceanfront apartments

Written by  //  April 18, 2012  //  General Biz News  //  No comments

Sales of the upscale Paseo Caribe apartments will begin this week, while construction of the project is expected to wrap up by year's end. (Credit: © Mauricio Pascual)

A limited number of ultra upscale apartments available in two of the three towers of the Paseo Caribe residential and commercial complex overlooking the sparkling blue waters of the Atlantic in San Juan will go up for sale this week, developer San Gerónimo Caribe Project Inc., announced Tuesday.

For between $947,000 and $1.5 million, potential buyers will get from 2,747 to 4,225 square feet of living space either at the Caribe Plaza or Laguna Plaza buildings, which are already finished. A third residential tower, Bahía Plaza, which will feature loft-style apartments, is currently under construction and should be completed by year’s end.

The trio of apartment buildings offers breathtaking views of the Condado Lagoon, Miramar, the Convention Center district and the cruise ship docks along Old San Juan. Tours of the properties will be private and by-invitation only.

John Tolbert, project director of Paseo Caribe, said future tenants will be able to apply for government real-estate incentives that include exemptions on capital gains and closing costs, among other benefits. Furthermore, the developer will sweeten the deal with a property upgrade package worth between $10,000 and $50,000.

John Tolbert, project director of Paseo Caribe.

Lifestyle concept includes retail
Coupled with the exclusive residential complex will be The Shops at San Geronimo, a 145,000 square-foot waterfront plaza that will accommodate between 45 and 50 high-end specialty shops, boutiques and restaurants, he said.

“Similar to the world’s leading metropolitan neighborhoods – Barcelona, London, New York City, Los Angeles – we envision the perfect blend of local designers and restaurants with the most interesting global and emerging boutiques, brands and personalities, along the lines of Intermix, Scoop, Lululemon, and Rosa Mexicana,” Tolbert said.

“This level of retail, dining and entertainment is long overdue in Puerto Rico, and we are thrilled to deliver it in a first to market environment at Paseo Caribe,” said Tolbert, adding the final tenant lineup will be announced in the next 60 to 90 days.

Unrestrained luxury
During a tour of the Laguna Plaza property Tuesday, members of the media got a glimpse of the public spaces as well as the posh model apartment, which along with the Atlantic Ocean terrace, have been impeccably styled by Mayagüez-born fashion designer Nono Maldonado, who apparently spared no expense.

“Our vision has always been for Paseo Caribe to redefine the luxury lifestyle experience in the Caribbean,” said Tolbert. “Today, we are proud to reveal our model residences and public spaces designed by [Nono] Maldonado, whose creativity and talent continue to make this vision a reality.”

Maldonado was selected for his sophisticated vision and style to “make Laguna Plaza the ideal urban sanctuary for business or leisure homeowners.” Mirrored wall decorations, furniture and dividers in shades of ivory and cream, custom-made light fixtures, unique artwork and sculptures are just some of the design elements he incorporated into the Laguna Plaza property.

“Our goal was to create an unmistakably sleek, modern residential experience that captures an understated luxury, and the creative energy and unique architecture of Puerto Rico, making Laguna Plaza the most fashionable address in San Juan,” Maldonado said.

The Paseo Caribe complex has had to deal with its share of controversy over the years, including numerous protests by groups opposed to its location and potential obstruction to the San Gerónimo Fort. Eventually, developers had to slightly rework their blueprint to include access to the historic structure.