A prime 2.4-acre lot located next to the Sheraton Puerto Rico Hotel & Casino has been put on the block for $3.5 million, this media outlet confirmed.
The property, owned by the Puerto Rico Development Fund — a subsidiary of the defunct Government Development Bank — must be used “for an office building not to exceed 227,035 square feet and 1,324 parking stalls with potential for a retail component,” according to the listing.
Any other use of the property known as “Parcel C” requires approval from the Puerto Rico Convention Center District Authority, which manages the area that comprises the Puerto Rico Convention Center, the District Live! complex currently under construction and the future Puerto Rico Film District, among other features.
This is the latest attempt to develop the property where certain infrastructure and the foundation had been laid out for a proposed mixed-use project that never got off the ground.
In February, the government launched a Request for Proposals process that ended Mar. 15. The procedure is still underway, so the proponents have not been disclosed, this media outlet confirmed with the Fiscal Agency and Financial Advisory Authority, or AAFAF, the government entity overseeing the sale.