Starwood Property Trust to develop $26M mixed-income complex in Ceiba
Starwood Property Trust, a diversified real estate finance company that does business in Puerto Rico as SW Puerto Beach LLC, has been chosen to develop a mixed-income residential, hospitality and golf course at Roosevelt Roads in Ceiba that will have an associated $26.2 million investment.
The company was selected following an RFP process, and was notified late last week, News is my Business learned.
According to the Notice of Award issued by the Local Redevelopment Authority for Roosevelt Roads (LRA) — the government entity responsible for overseeing the former naval base — SW Puerto Beach proposes to “deliver a world class project alongside important community improvements, and they have proven expertise and wherewithal for success.”
SW Puerto Beach’s proposal is divided into three phases. In the first phase, the firm proposes to develop 300 residential units, a 120-room eco-hotel, an 18-hole PGA Tour-level golf course, infrastructure and site development.
In its second phase, SW Puerto Beach proposes to develop a community medical facility, 283 residential units and lots, a retail and commercial marine village, infrastructure and site development.
In phase three, SW Puerto Beach proposes to develop a communal sports facility, 59 low-cost homes, infrastructure and site development, according to the project description.
SW Puerto Beach was the sole proponent for the lofty project, submitting its proposal on Aug. 23.
“The Proposal presents developments aligned with LRA’s best interest,” the agency stated in the Notice of Award.
Attempts to reach Starwood Property Trust executives for more details about the project’s timeline were unsuccessful.
When does the contract start/ be in effect?
We will be following up on this story as more information becomes available. Thanks.