Colliers International is currently leading the developer selection and permitting process for a 1.63-acre urban site in Luquillo known as La Pared. La Pared presents the successful developer with the unique opportunity to construct a mixed-use urban hospitality project on a highly desirable oceanfront site in the popular resort destination of Luquillo. La Pared, a popular surfing beach, is located directly across the street from the site, while Luquillo Beach, a beautiful public beach, is less than one block away. La Pared boasts 417 feet of ocean frontage along Calle Herminio Diaz Navarro directly opposite the Malecon (jetty), and is within 30 minutes of downtown San Juan.

"Located along a popular surfing beach and adjacent to one of the nicest public beaches in Puerto Rico, the La Pared site is perfectly suited for a mid-priced hotel with parking and restaurants."

The property is well-suited for the combination of an all-suites mid-priced hotel, multi-level parking facility, and supporting commercial areas. The all-suite concept would be especially desirable to local families visiting Luquillo on weekends and vacations. Vacation ownership is also seen as an option to increase the economic viability of the project.

The site has benefited from recent public improvement projects in the area. Totaling over $6 million, these projects included electrical and communication infrastructure improvements, sanitary sewer system improvements, the remodeling of the town plaza, and the restoration of the Malecon Herminio Diaz Navarro. In addition, the city of Luquillo is in the midst of preparing a rehabilitation plan for its urban core, which will likely include ample tax credits and other tax incentives for the development of urban rehabilitation projects in traditional urban cores.

Developer selection will be completed in September, with construction to commence soon thereafter.

For more information on La Pared, please contact Brian Fulton.