Beachfront Re-Development Opportunity in Loíza For Sale

Highlights

• Asking Price: $3,500,000 or Best Offer
• Tax Code #'s: 066-015-002-45-901; 066-015-002-46-998 & 066-025-002-43-000
• Site Area: 40,269.38 square meters, equivalent to 10.25 cuerdas and/or 9.95 acres
• Flood Classification: Mostly 0.2 PCT with a small portion VE
• Zoning: R-A (High Density Residential) & R-I (Medium Density Residential)
• Permits: It was once approved for the development of a 192-apartment project to be known as Playa Bahía. The developer redesigned the project to comprise 174 units. The first phase of 60 units was 90% built, but then the economy collapsed and the units were then vandalized.
• Existing Improvements: 60 apartment units in shell/vandalized state, distributed as follows: 20 one-bedroom garden units; 20 one-bedroom 2nd level units; and 20 two-bedroom PH units.
• Construction in-place: Well over $4,500,000 in construction costs, inclusive of a 60,000 gallons cistern.
• Opportunity: This asset represents a great opportunity to acquire a unique beachfront property with its price well below its current replacement cost. This is one of the few remaining assets resulting from the economic meltdown of year 2008.

Location