The Commonwealth of Puerto Rico, through a public corporation, The Puerto Rico Convention Center District Authority ("PRCCDA"), has embarked upon a plan to create a mixed-use urban development, which will enhance the economic development potential of San Juan and revive an underutilized section of the city. Known as the Puerto Rico Convention Center District ("The District"), this master-planned, 4-million-square-foot, $1.3 billion mixed-use development capitalizes on the existing tourism appeal of Puerto Rico.

The vision for the 113-acre District is to create a exemplary new urban neighborhood that capitalizes on over $450 million in public investment, including the Convention Center itself, as well as vast infrastructure improvements, including a well-designed urban streetscape, exceptional open spaces, water features and parks. The District is master planned for 1,770 hotel rooms, 563 resident units, 780,000 square feet of office space, 245,000 square feet of retail space, and a 150,000 square-foot aquarium.

In 2003, the PRCCDA selected Colliers International to provide strategic planning and consulting services for the project. Our goal is to implement the master plan by bringing $900 million in private development and investment to the project. Specific services provided to-date include:

• Developed a master plan and provided a feasible development strategy
• Established a process to evaluate and control the District's development through a transparent and well-managed RFP process
• Developed an asset management plan, including compilation, analysis, and forecasting of the PRCCDA's real estate income and expenses
• Tested the likely impacts of various scenarios for parcel restructuring, capital investments, development timing and land use programming
• Developed Design Guidelines and standards for private development

In addition, the team determined a viable first phase and led the RFP and developer negotiation process for a 4-star, 500-room Sheraton hotel, a 100-unit luxury residential project, and a 216,000 square-foot office tower. While development has accelerated, excellent opportunities are still available.

For more information on the Puerto Rico Convention Center District, please contact Brian Fulton.