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Guaynabo To Build $150 Million Industrial Park

Land left over from Expressway 834 expansion


October 31, 2002
Copyright © 2002 CARIBBEAN BUSINESS. All Rights Reserved.

Guaynabo Industrial Park, a 70-acre development off Municipal Expressway 834, will be built by the City of Guaynabo for an estimated $150 million, and is targeted to open in two years.

Guaynabo Mayor Hector O’Neill said they are holding negotiations with several important local firms to build big warehouses and administrative facilities for their expanding businesses. Hugo Perez, director of the city’s Economic Development office, said negotiations are advancing with a couple of large retailers who want to build 75,000- and 200,000-square-foot warehouses.

"We offer them exemption from municipal taxes patentes, personal property, and real estate property taxes," O’Neill said. Perez added that the number of years and the percentage of the exemption is negotiated around the number of jobs created, as well as an analysis of each industry. O’Neill said they are seeking a minimum of 60 jobs per company. Perez is in charge of the project

Perez said they anticipate 10 to 12 companies will establish operations in the new industrial park. The project is now being designed and will then be submitted for permits. Perez said some companies want to build their own facilities, in which case the municipal government will rent the land for an extended period. For those that prefer renting the building, the municipality will pay to have the exterior shells constructed.

"We want to create more jobs for our city and increase our annual rent so we can provide more services for all our citizens—from the upper-middle class that everyone associates Guaynabo with to those in the rural barrios with much lower incomes," O’Neill said. Perez said that the 70 acres were part of the land originally bought for the recently inaugurated 834 Expressway and are located in Barrio Camarones, close to La Muda sector.

This Caribbean Business article appears courtesy of Casiano Communications.
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