The development plans for the former government-owned Sears property in Hato Rey, sold for $11.6 million last year, call for establishing a five-building residential complex, this media outlet confirmed.
According to the proposed plans submitted by the property’s owner, Puerta de San Juan LLC. to the government’s Permits Management Office, the housing complex will comprise 500 rental apartment units.
Three of the buildings will be reserved for elderly housing and the other two for student housing, a government source confirmed to News is my Business. There will be 2,000 parking space available on the lot on Muñoz Rivera Ave. near the San Juan Superior Court in Hato Rey.
According to the required sign posted on the property’s fence, the project proponents are Alberto Ferrer, an architect with the SCF Arquitectos firm, and Camilo Almeyda-Eurite, engineer with the Almeyda & Almeyda Inc. firm.
As this media outlet reported, in May 2018 the government of Puerto Rico sold the commercial lot, known as the “former Sears property” in Hato Rey — held in the defunct Government Development Bank’s portfolio.
The appraisal value of the property was $16.6 million, according to a request for proposals document the Puerto Rico Fiscal Agency and Financial Advisory Authority released in August 2017.
The property was described as “one of the largest available urban lots in the core of San Juan” with “strong development potential due to its central urban location.”
It’s “prime location for commercial + residential developments, recreational, elderly, student housing, mixed-use development, retail, office, hotel development, among other,” according to the description provided in the sales process handled by Christiansen Commercial real estate firm.