$45.5M Cronos Office Center to be developed in Hato Rey
The demolition of the former Conservatory of Music in Hato Rey has begun, paving the way for what will be the $45.5 million Cronos Office Center, a multi-tower, multi-level commercial complex, government officials confirmed.
The project will be split into three phases, with the first being the design, permits and building demolition activities at a cost of $500,000 — including the parking area, accesses, sidewalks, concrete slabs, guard house, infrastructure utilities and tree cutting — said Economic Development and Commerce Secretary Manuel Laboy.
“After many years of seeing the abandoned structures of the former Conservatory of Music after it moved to its new facilities in Miramar, it is with much joy that announce the beginning of its demolition, to transform that space owned by the Puerto Rico Industrial Development Company into one that contributes to generate capital and jobs,” said Laboy.
“Once the land preparation is completed, we will select the developer that fulfills all the expectations of this project, so they finance the construction phases and operate the facilities,” Laboy said.
The official explained that the second phase will include the construction of a building of about six levels, to establish corporate offices and commercial spaces, create a parking area and landscaping of the lot.
The third phase contemplates the construction of a second tower. It is estimated that about $45 million will be invested in the construction of both towers, which will provide up to 120,000 square feet of office space.