Constructora Sambil, the Venezuelan developer behind the proposed $400 million mega-shopping center in Guaynabo, is hopeful it will be able to break ground on the project this year after the Puerto Rico Supreme Court denied a motion for reconsideration presented by Plaza Las Américas that sought to paralyze the mall’s construction.
Puerto Rico is lacking one fundamental element necessary for the retail industry to grow and welcome new players: move-in ready spaces large enough to fit the “big box” chains, Michael Kercheval, president of the International Council of Shopping Centers Inc. told News is my Business Monday.
The historic La Mallorquina restaurant in Old San Juan quietly shuttered its doors earlier this week, becoming the latest victim of a depressed economy that has brought down many historic eateries in the last five years.
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