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Tourism Co. Inks Development Agreement For $200 Million Super Block
BY EVELYN GUADALUPE-FAJARDO
November 30, 2000
The Puerto Rico Tourism Co. has signed a development agreement with LCOR Inc. for construction of the $200 million Super Blocka complex of two hotels, the World Trade Center, and a retail and entertainment areaat the Americas World Trade District (AWTD) planned for Isla Grande.
The recently signed agreement still has some wrinkles that are being ironed out, according to Jose Corujo, executive director of the Tourism Co.
Some issues still under negotiation are how much LCOR must pay the government for rent, maintenance and infrastructure improvements in the AWTD, as well as designing a time schedule for when the hotels, retail and entertainment areas and offices are to open.
In March, the Tourism Co. announced it had signed a letter of intent with LCOR. This announcement came on the heels of the Planning Board issuance of Location Approval for the Puerto Rico Convention Center at the Americas World Trade District project, back in January.
In developing the Super Block, LCOR is in charge of designing, constructing and managing the operations of the major private components of the AWTDa headquarters hotel, an 800-room full service hotel and casino, the first of two office towers to house a newly licensed Puerto Rico World Trade Association, restaurants, retail and entertainment establishments and a multiplex cinema.
An inside source, who spoke on the condition of anonymity, said that due to the size and importance of the Super Block project, LCOR may have to incur in a series of costs that have yet to be defined.
"LCOR still doesnt have a defined concept of the project; they are only now starting to narrow it down," the source added.
As a result, LCOR still hasnt obtained financing from the Government Development Bank.
Several calls made to the GDB to find out further detail about the projects financing went unanswered.
LCOR has developed and operated more than 13.7 million square feet of commercial properties and 17,000 residential units, with a development value of $2.8 billion. One of its latest projects is the $1.2 billion Terminal Four at JFK International Airport in New York. Also, LCOR has been selected as developer for Jack London Square, a large mix-use waterfront revitalization project in California.
This Caribbean Business article appears courtesy of Casiano Communications.