In Realta real estate group plans to invest in Puerto Rico’s southern flank
In Realta Grupo Inmobiliario, after investing in the Santurce revitalization project with its opening of the Don Rafa Boutique Hotel and the new Canvas restaurant, has shifted its focus on the southern region of Puerto Rico, starting with a new hotel construction.
In an interview with News is my Business, Iván Zavala-Steidel, chief executive officer of In Realta and its affiliates, shared details of the projects in the pipeline.
“Our project for the south area of Puerto Rico consists of creating a new hotel; we’re going for something like the San Miguel-type market in Madrid. We have begun planning some projects in each municipality because, for us, this isn’t only to protect our investment but to ensure our investment is sustainable,” said Zavala-Steidel.
He did not disclose the amount allocated for these projects.
“We have to think about our clients and their experience because now they will not only want to go to a hotel because it is nice, they will now want to go to a hotel because they have many things to do. They will be able to go to the river, appreciate ecological values, visit the coffee farm, the wine farm, go to the beach, go to the surrounding area, and that will turn a two-day stay into perhaps three or four,” he said.
In Realta’s focus is on rehabilitation and urban repopulation, preserving the cultural heritage of communities. Its first project: Calle Cerra in Santurce, started seven years ago, resulting in more than 25 new businesses, more than 200 families in improved living conditions, and 664 new jobs.
“It’s not about removing people, on the contrary, if we have more than 50% of spaces in disrepair, abandoned or depilated in urban areas, those are the areas that need to be worked on,” Zavala said.
“Most importantly, we must improve the quality of life of those who live in those spaces. We have depopulated buildings and the transformation continues. One of our goals is for it to become one of the most mentioned art districts in Puerto Rico,” he said.
In Realta Grupo Inmobiliario is a conglomerate specializing in real estate and development. It oversees more than seven companies, such as Reality Reality, Top Property Management (TPM), Reposubasta, Puerto Rico Revitalization Fund, Inmobiliarias Naihomy, Reality Institute of Real Estate, Semilla Urbana, and others.
“At Realta real estate group, which stands for ‘Made A Reality,’ it’s the complexity and scope of that vision we had 26 years ago of being able to create a real estate conglomerate that would have a presence and where we become the owners and managers of all facets covered in this fascinating world, such as real estate companies, real estate institutes, housing development companies, urban rehabilitation, hospitality, property management, purchases, rehabilitation and properties, too, which is flipping, property rentals, whether it’s short-term or long-term,” Zavala explained.
