The $90 million Vistas de San Juan project on the former Clarion Hotel complex next to the Puerto Rico Convention Center on Fernández Juncos Avenue in Miramar is moving full speed ahead, with the interior remodeling of the existing units completed.
“What was known as the Darlington building [behind the Clarion Hotel tower] will be renamed Golden Triangle Condominium. The first phase of the project, the interior remodeling of the apartments, has been completed and now we are moving to the second phase, which involves the exterior facelift of the building,” David Santiago of development firm Golden Triangle Realty (GTR).
The second phase also involves the installation of solar panels and windmills on the building’s roof, for which GTR has obtained financing through a syndication of several local cooperatives.
GTR recently received additional endorsements and permits for the project, which already had the blessing of the Puerto Rico Tourism Co., according to Santiago. He labeled the project as the first of its kind on the island since it involves the Horizontal Property and Condo-Hotel laws under the same roof.
Recent changes to the local Condo-Hotel Law make it more attractive to investors as it no longer limits, as has occurred with many local projects, the unit’s use by the owner to 60 days a year and to a 10- to 15-year rigid contract, Santiago explained. GTR began to sell the apartment units at the former Darlington building in August of last year, one month before the new Condo-Hotel Law went into effect.
Of the 245 apartments, 48 will be part of a small, corporate-type hotel and the remaining 197 units will be condo-hotel units. Santiago said GTR has so far sold 80 units, with 165 still available.
“Some owners of the 80 units plan to convert these into condo-hotel units to take advantage of the tax incentives provided by Law 78 or the Condo-Hotel Law,” Santiago added.
Construction of the project’s third phase, to be named Convention Center Bay View Hotel & Casino, will consist of two new towers with 480 hotel rooms, a 684-vehicle parking structure and 307,335 square feet of commercial space. Construction is set to begin during the first half of next year and take two years to complete. It is anticipated the entire project will generate some 600 jobs during the construction phase and create another 500 positions when the hotel is fully operational, Santiago said.
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