Clark Realty Capital chosen to develop Roosy Roads
Nearly two years after launching its strategy to promote the establishment of projects and the development of nearly 3,000 acres that make up the former Navy Base in Ceiba, the Roosevelt Roads Redevelopment Authority announced Monday the selection of Virginia-based Clark Realty Capital as the property’s Master Developer.
The redevelopment project proposed by Clark Realty Capital includes hotel and eco-tourism developments, housing, office buildings, a shopping center, shops, restaurants, light industrial area, cruise port area, a regional marine terminal for speedboats, schools, entertainment areas, golf courses, among other uses.
Over the 30-year life of the project, Clark Realty Capital is expected to invest some $3.2 billion, which includes infrastructure and vertical construction. In addition, the company expects to generate approximately 28,000 permanent jobs and 3,000 construction jobs starting in 2016.
Clark Realty Capital is expected to offer to Puerto Rican companies a 70 percent participation of the total dollars invested in construction projects. Also, after signing the final contract in June 2014, Clark Realty Capital estimates it could invest up to $50 million in the first two years of the project.
“We’re extremely excited about the selection of Clark Realty Capital as the Master Developer for the redevelopment of Roosevelt Roads given their experience and superb technical, conceptual and financial credentials,” said Maru Blazquez-Arsuaga, Redevelopment Authority executive director.
The Authority will now go into the negotiation phase of an Agreement for Exclusive Negotiation with Clark Realty Capital, which is expected to be ready by Jan. 30, 2015 and subsequently finalize the terms and conditions of the Master Developer contract by June 30, 2015, she said.
The selection of the Master Developer is the result of a Request for Qualifications published earlier this year, on June 30, 2014. The Authority received eight proposals, which were narrowed down to four in August 2014. Three companies — Clark Realty Capital, Ariel Investment y OHorizons — submitted final proposals in November 2014.
The companies that were not selected, as well as other interested firms, could take part in the project through separate agreements with Clark Realty Capital, Economic Development and Commerce Secretary Alberto Bacó said.
“We will continue talks with Ariel Investment and OHorizons to study the possibility of other development projects in other geographical areas of Puerto Rico,” Bacó said.
The government of Puerto Rico has been promoting the development of the former Navy base since April 2013, heading several initiatives for the lands.
In addition to promoting the economic development of the region, the Roosevelt Roads redevelopment project seeks to promote the establishment of affordable housing for people with average incomes in the eastern region, the development of micro and small businesses in the area, access to training and re-training programs for area workers, and a commitment to environmental protection and eco-tourism projects that maximize the property’s assets.