PRASA sells $2.8M in excess properties to raise cash
The Puerto Rico Aqueduct and Sewer Authority has identified and will be selling three properties in San Juan, Guaynabo and San Juan worth a combined $2.8 million to inject cash into its coffers, agency Executive Director Alberto Lázaro said Tuesday.
One of the properties, known as the former McCraken warehouse and garage in San Juan, will be sold to the Puerto Rico Industrial Development Co., which has asked PRASA to use the $2.72 million from the transaction to pay down a debt with Honeywell, he said.
The technology giant has reportedly conditioned moving forward with an additional expansion to its $35 million aerospace laboratory in Moca to getting the government to pay for its contracting services, including PRASA, which owes between $6 million and $8 million, Lázaro further noted.
“Honeywell has held off from further developing its property in Moca until the government meets its responsibilities with its contractors,” said Lázaro, adding that PRASA owes all of its contractors some $250 million combined. “We identified all of our excess properties, and the San Juan facility will be sold at current market value.”
On March 26, PRIDCO made an offer on the property that 10 years ago was valued at $5.6 million, and was put up for sale unsuccessfully at the time.
Once the deal is closed, PRIDCO will include the 7-acre property in its inventory of industrial facilities in San Juan available to develop into strategic projects aimed at exporting services, agency Executive Director Antonio Medina-Comas said via a written statement.
“The inventory of properties is currently fully occupied, so it will be of benefit to have this property in our inventory for the development of future projects,” he said, noting that the purchase should close by the latter half of this year.
Also on the roster of properties to be sold is a lot in Lajas to the municipal government, worth $124,300. The 1.6-acre property will be used to build a bypass connecting two roads, according to PRASA documents. The agency has been negotiating that deal for a year and it’s ready to go ahead with the sale.
The last property to be sold is a small plot of land in Guaynabo that has been partially occupied by a residential structure. The value of the land is $29,288. The residence is adjoined to a water tank owned by PRASA — which has no direct access from the road. Through the agreement, PRASA will be able to develop adequate access to the tank, while the residential neighbor will be authorized to add the small plot to their property.