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BV Properties Invests $40 Million In Developing, Expanding Malls
Mega Marshalls, Sears to become anchor tenants in Yauco Plaza
By TAINA ROSA
July 29, 2004
Bragan Valldejuly Commercial Properties Inc., better known as BV Properties (BVP), is investing about $40 million to construct a mall in Guanica and expand Yauco Plaza. The investment covers purchase of the land and construction.
President Frank Bragan Jr. said his company is also negotiating with municipal authorities to improve access to the malls from main roads.
Two phases of Yauco Plazas expansion have been completed and all stores have been leased. "BVP will expand it by another 100,000 square feet during the third phase," Bragan said, adding that stores coming in during this final phase will complement the malls existing offerings.
Bragan expects Yauco Plaza to become one of the largest strip malls in Puerto Rico, with over 140 stores and office space.
A 40,000-square-foot Mega Marshalls will be one of the anchor tenants to open at Yauco Plaza during the third phase. "We are also finalizing negotiations to open a Sears," said Bragan. According to Bragan, Electronic Boutique and accessory chain Exentrix will open in Yauco Plazas old sections before the end of the year.
Also up for construction is Plaza Guanica, a strip mall with 120,000 square feet of space and about 20 tenants. It will include freestanding buildings and inline stores. Bragan is still confirming tenants, but expects banks, restaurants, and retailers to lease space.
"Besides bringing in much-needed retail offerings and services, the malls will create [direct and indirect] jobs," said Bragan, who added that Guanicas unemployment rate reached 21.6% in April.
In addition, Bragan is working closely with municipal authorities in Yauco and Cidra, where in October he purchased a strip mall now called Plaza Cidra, to improve access. "We are looking for a way to build a new access road to Yauco Plaza. Architect Ramon Soltero is helping us out," said Bragan.
"In the case of Plaza Cidra, Im in negotiations with the towns mayor to connect the highway to an area surrounding the mall. Some land has already been expropriated for this purpose," Bragan said. Plaza Cidra has more than 150,000 square feet, including 24,000-square-foot office space on the second floor.
Meanwhile, Bragan has his sights set on acquiring more strip malls around the island.
This Caribbean Business article appears courtesy of Casiano Communications.