Ports sells 50-acre plot in Santa Isabel to Friger Motors LLC
The land will be used for manufacturing purposes.
The Puerto Rico Ports Authority (Ports) has sold an approximately 50-acre plot of land, formerly used as an airport in Santa Isabel, to Friger Motors LLC for $355,351.
The private company was one of two proponents, outbidding Cuatro AN Inc., which offered $351,000, according to the agency’s Notice of Award.
Olvaldo Friger-Salgueiro registered Friger Motors with the Puerto Rico State Department on May 16, 2022.
The transaction comes about three months after Ports issued a request for proposals (RFP) in May to sell the land previously occupied by the Santa Isabel Regional Airport, which is no longer in use. The agency had been sitting on the property since the Federal Aviation Administration gave the go-ahead for its disposal on March 31, 2015.
According to the RFP, the transaction must close within three weeks of the Notice of Award, which was published Aug. 8, said Ports Authority Executive Director Joel Pizá.
That would set the closing date for Aug. 29.
“However, today we had a meeting with the proponent and the legal advisers of the proponent and of Ports and it seems that it will be extended a little longer,” Pizá said, adding that the process of presenting the transaction for review to the Puerto Rico Fiscal Agency and Financial Advisory Authority’s (AAFAF, in Spanish) Real Estate Evaluation and Disposition Committee is underway.
The land will be used for manufacturing purposes, Pizá confirmed.
