Revolution Precrafted, Grupo Cacho to build 2K houses in P.R.
Revolution Precrafted will supply more than 2,000 houses to two locations in Puerto Rico.
Revolution Precrafted is expanding into its ninth international market, signing an agreement with Grupo Cacho to supply more than 2,000 residential villas in Vieques and Cabo Rojo, to help plug the deficit in the number of available housing units after Hurricanes María and Irma hit last year.
“We want to address the pressing concern of the lack of housing units in Vieques and the surrounding islands, said Robbie Antonio, founder of Revolution Precrafted.
In 2017, Hurricane María plunged Puerto Rico into a housing crisis, with as many as 300,000 houses damaged, with about 70,000 of them destroyed, according to government estimates.
The Puerto Rico undertaking will be implemented in two phases. Revolution Precrafted and Grupo Cacho agreed to build 27 mid-range and luxury residential units on a projected 10-acre property in Vieques. The houses will range from 2,150 to 2,700 square feet, standing on 11,000 square-foot lots.
These houses will be built across the W Retreat Hotel in Vieques, Antonio revealed, and will have a total cost of $13.5 million.
The bigger bulk of the partnership would start toward the first quarter of 2019, executives explained.
That phase will cover the construction of about 2,000 homes on a projected 524-acres near Boquerón Bay in [Cabo Rojo.] They will be 2 to 3-bedroom villas measuring 1,600 square feet, standing on an average lot size of 6,500 square feet, Antonio explained.
The residential villas will have an average cost of $250,000 and will take three years to complete.
For his part, Cacho said there is also an option to increase additional units depending on market demand. He is confident that the additional homes will help stabilize the supply of houses in Puerto Rico.
“This is crucial following the devastation brought about by Hurricane María. In our own way, we want to ensure that the people of Puerto Rico will have access to more housing options,” Cacho added.
The housing problem is not solved with $250K villas. Most of those who lost their home can’t afford a $250K mortgage. Curious with the locations: Cabo Rojo and Vieques right across the W Retreat…. locations were citizens will not benefit at all. This sounds like another scam to built vacation homes with the perfect excuse.