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Palmas To Develop 554 New Homes


December 14, 2000
Copyright © 2000 CARIBBEAN BUSINESS. All Rights Reserved.

In the next three years, Palmas del Mar Properties Inc. will develop six new parcels of land totaling 554 homes representing a $70 million investment.

Jaime Morgan Stubbe, president of Palmas del Mar Properties, said the units will sell from $225,000 (184 units) to $500,000 (134 units). There will also be 136 villas to be sold for $350,000 and another 100 properties each worth $275,000. He anticipates that 186 units will be delivered next year.

The $500,000 villas will be located in two sections, one bordering the new Flamboyan Golf Course and the other adjacent to the Golf Country Club. The $350,000 villas will be located at the corner of the Candelero and Palmas Drives. Of the $275,000 single-family detached homes, 100 will be located in the north vista area, on undeveloped land.

"I strongly believe in the axiom ‘build and they shall come,’" Morgan Stubbe said. "Palmas del Mar is very committed to constantly improve and develop the infrastructure of our master planned community in a manner that will adequately support further development while maintaining resort style and the quality of life that make us unique in the Caribbean." Because of this philosophy, the Humacao resort will invest $11 million in infrastructure to improve roads, utilities and resort amenities next year.

Morgan Stubbe said he will talk with existing Palmas developers as well as target new ones to develop the six parcels. "I believe that a diverse base of developers means healthy business," he said. Demand for homes in Palmas del Mar has been high, resulting in sales of 95% of its inventory this year by the company’s real estate and marketing division.

Meanwhile, Morgan Stubbe is negotiating with an undisclosed hotel chain for the construction of a five-star, 600-plus room hotel. Negotiations with the Sheraton chain fell through several years ago. Construction of the other five-star hotel to be built around the old Palmas Inn and managed by the Regent chain has been stalled. Industry sources said the developer of the project is seeking new partners. Morgan Stubbe would not comment, saying only that the project will be completed.

This Caribbean Business article appears courtesy of Casiano Communications.
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