Following an investment of $2.1 million, entrepreneurs Matt Moncada and Paco López officially announced the opening of Fifty-Eight, a new nightclub at La Concha Renaissance Resort in the Condado sector of San Juan.
The new venue also represents a partnership with the hotel’s owner, Paulson & Co., which may open the doors for more locations in the future, the duo said in an interview.
The 3,000 square-foot nightclub can accommodate 450 people. Its space can be reserved for corporate and private events, weddings, rehearsal dinners, among others and is equipped with a full-service kitchen. Also has an ocean view that is ideal for daytime or after-work events.
“The size of this venue is perfect for Puerto Rico. The smaller the nightclub, the more exclusive you can get, and you can have the right crowd,” said Moncada, adding that Fifty-Eight is equipped with metal detectors at the door and guards to provide security to its clientele.
Fifty-Eight represents another economic boost for the island with the creation of 60 direct jobs, as it emerges as a tourist alternative for visitors, the owners said.
“The nightlife in Puerto Rico now has a new name. Fifty-Eight is a unique place where people can enjoy good music and cocktails, in an exclusive environment, “said Moncada, who has 20 years in the hospitality industry.
Prior to arriving in Puerto Rico three years ago, Moncada worked for TAO Group in New York and Las Vegas for 10 years. He is the owner of multiple bars in New York and has developed several businesses in Puerto Rico.
“As part of the management of Fifty-Eight I can assure you that we are committed to the creation of jobs, as well as strengthening the entertainment and the tourism industry of the Island. We have a team of professionals who are willing to stay here and do the best for our [island],” said López, one of the most recognized producers in the entertainment industry in Puerto Rico.
The entrepreneurs said the nightclub concept had been in development for almost two years, including a delay caused by Hurricane María. The groundbreaking was in August 2018, and the nightclub quietly opened in December 2018.
“Three years ago, there was only one club in San Juan, where there’s about 800,000 people,” said López. “We were hanging out at restaurants, not bars.”
So, the two partnered on the assumption that there was a demand for another nightclub, which Moncada said is drawing a crowd of mostly locals every night.
“This is the perfect mix. I’m on the concerts side, and he’s on the clubs side. He knows more about small venues and I fill the coliseum,” said López, adding Fifty-Eight will now become the spot for concert after-parties.
As for developing additional locations in the future, Moncada confirmed that the duo has been approached for other deals on the island — including in other properties owned by Paulson & Co. that are still renovating post-hurricane — but “we have to find the right deal, the right place, and the right venue.”