Loíza beachfront site with 60 apartments listed for $3.5M redevelopment
A nearly 10-acre beachfront property in Loíza with 60 partially built apartment units is listed for $3.5 million, offering an investment opportunity in Puerto Rico’s housing and tourism sectors.
Represented by Christiansen Commercial Real Estate, the property is located at Kilometer 23.0 of PR-187 in the Medianía Alta neighborhood. The site was originally approved for a 192-unit development called Playa Bahía.
A later redesign reduced the scope to 174 units, with the first phase of 60 units reaching about 90% completion before the 2008 financial crisis halted construction, according to Loíza municipal officials.
The listing details a mix of 20 one-bedroom garden apartments, 20 one-bedroom second-floor units and 20 two-bedroom ground-floor apartments.
Though the buildings are in a shell or vandalized state, the property includes completed infrastructure such as a 60,000-gallon cistern, 535 linear meters (1,755 feet) of concrete roadway, and fully installed water and electrical systems for the existing units.
Construction costs to date are estimated at $4.2 million. The site spans 40,269.38 square meters (approximately 433,370 square feet, 10.25 cuerdas or 9.95 acres) and is zoned for medium- to high-density residential use. Most of the land lies in a 0.2% annual chance flood zone (500-year floodplain), with a small portion designated as VE, a coastal high-hazard area subject to wave action.
Municipal officials said this is one of few remaining distressed assets from the 2008 real estate crisis. The noteholder previously approved a short sale in 2014 on a $15.3 million debt.
Located near Loíza’s beaches and food establishments, the site is considered viable for tourism-oriented redevelopment. Attractions such as Piñones and its traditional kiosks contribute to its appeal for second-home buyers or residential development.
The property is listed on buildout.com, with additional zoning and parcel information available through Christiansen Commercial Real Estate’s sitio web.
Very likely in a Flood Zone, contrary to what it says.