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Caribbean Business Developer Famadas to build Chardón Street towers Novo San Juan Center Corp., owned by developer Nelson Famadas, recently signed a 70-year lease with development rights from the Land Administration to build two multi-use towers on Chardón Street in Hato Rey, CARIBBEAN BUSINESS has learned. The project, which will require an estimated $56 million investment, is set to begin construction within a year from the effective contract date. “We are very excited about this project because it will attract new economic activity and traffic to the area. And the building will have a unique urban design created by V Architects, the same firm that designed the new Convention Center,” said Juan Vaquer, executive director of the Land Administration. In front of the federal building on Chardón Street, the new towers will occupy a vacant 1.26-acre lot. The project’s first phase will consist of 32,800 square feet of retail space on the lower level and nearly 100,000 square feet of new office space. In addition to meeting the Planning Board’s required parking requirements, another 175 parking spaces will be developed during the second construction phase along with an additional 43,000 square feet of office space for a total area of 154,366 leasable square feet. The Land Administration will charge the developers an initial base rent of $287,270 a year for the land; the rent will increase over the years. At the end of the 70-year lease, the land reverts to the Land Administration. This is in addition to the accrued revenue generated during the course of the lease agreement. “The new towers will complement other upcoming projects in the area such as Coliseum Tower, Aquablue and the remodeling and expansion projects carried out by Banco Popular. I firmly believe the area will soon be transformed in line with projections of converting San Juan into a more modern and cosmopolitan city,” said Vaquer.
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